Comcast is in no rush to exit its position in Hulu, executives told Wall Street analysts on Thursday as they also touted the steady growth of NBCUniversal’s Peacock streaming platform.
Comcast and Disney are scheduled to formally part ways in the Hulu venture in 2024, under the terms of a deal struck in 2019 after Disney became the majority owner of Hulu through its acquisition of 21st Century Fox. Comcast is expected to sell its 33% stake to Disney as early as January of 2024 at a minimum price of $27.5 billion, per the terms of the 2019 deal.
On Thursday, after Comcast released strong third-quarter earnings, executives were pressed for updates on Comcast’s thinking on Hulu, amid speculation that Disney and Comcast would exit the partnership sooner than later. Comcast chief financial officer Mike Cavanagh indicated there was no hurry. He described Hulu as a “great business” that is active in one of the “hottest areas” for media, subscription streaming.
“We’re happy to be along for that ride,” Cavanagh said. “I’m glad we didn’t exit at the time three or so years ago” when the Disney-Fox deal was completed. “I like the deal we have…It’ll be fine if we stay until the end because I expect the value to keep increasing.”
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