Walt Disney must pay US $ 438.7 million more at Comcast to complete your purchase of the Hulu Transmission Service, Disney said in a regulatory presentation on Monday.
The transaction will close before July 24. Payment will reduce Disney’s net income in the third fiscal quarter, the company said.
Disney agreed in 2019 that he would acquire the participation of a third of Comcast in the business at a price that valued the entire company at a minimum of US $ 27.5 billion from 2024. However, when it was time to complete the sale, Comcast said the business was worth much more.
Both parties began an arbitration process to solve the dispute. The process, which was attended by three investment bankers, ended on June 9, the company reported. Disney has already paid US $ 8,600 million for participation. The Comcast appraiser had valued the business of up to US $ 5,000 million.
“We are pleased that this has finally been resolved,” said Bob Iger, executive director of Disney, in a statement. “We have had a productive collaboration with NBCuniversal and we wish you good luck. The acquisition of Hulu paves the way for a deeper and fluid integration of the general entertainment content of Hulu with Disney+ and, soon, with the direct product to the ESPN consumer, offering a proposal of unique value for consumers.”
In his own statement, Comcast said: “We wish Disney best with Hulu and we appreciate the cooperative way in which our teams managed the association.”
Hulu, One of the first television transmission services has evolved from a joint company between stations looking for an online departure the next day for chain programmingto a place to see original programming such as the drama on restaurants in Chicago, The Bear.
The service was a pioneer in the sale of advertising for their programs, something that most streaming services have now imitated. Hulu has more than 54 million subscribers.
