Comcast Corp (NASDAQ: CMCSA) and Walt Disney Co (NYSE: DIS) shares are trading lower Tuesday after Comcast CEO Brian Roberts shared the likelihood of selling its 33% stake in Hulu to Disney at the beginning of 2024.
"It's more likely than not we will go through with what we've said all along," CNBC cites Roberts at the SVB MoffettNathanson investor conference.
Roberts also suggested the final price for Hulu will likely be higher than the $27.5 billion valuation initially set in 2019.
Comcast and Disney struck a deal in 2019 that allowed Disney the option to buy out Comcast's minority stake in 2024. That deal set a floor valuation for Hulu at $27.5 billion.
Hulu is Disney's adult-focused streaming service, bundling with ESPN+ and Disney+ for as low as $12.99 monthly.
Comcast owns a minority stake in Hulu. Hulu ended Disney's fiscal second quarter with 48.2 million subscribers.
Comcast and Disney have discussed Hulu this year, Disney CEO Bob Iger said last week.
Iger last week backtracked, saying "that was a little harsh," while also acknowledging talks have occurred with Comcast.
Price Actions: DIS shares traded lower by 1.97% at $91.03 on the last check Tuesday. CMCSA shares traded lower by 1% at $39.80.
Photo via Wikimedia Commons
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This article Comcast To Divest Hulu Stake To Disney In 2024: Report originally appeared on Benzinga.com
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