May 14, 2019 04:08 PM EST

Disney Acquires Hulu Ownership from Comcast

Disney Acquires Hulu Ownership from Comcast
Entertainment giant Disney is getting even larger. The company has taken over operation of Hulu and will officially own the company in five years.

Comcast has agreed to make the sale to Disney, who was once a small part of Hulu alongside 21st Century Fox, Comcast's NBCUniversal and Time Warner. After the acquisition of many of Fox's assets, Disney has become the majority stakeholder in the streaming service.

Disney CEO Bob Iger said in a statement, "Hulu represents the best of television."

Trip Miller, a Disney shareholder and managing partner at Gullane Capital Partners, said, "Hulu is the third leg of Disney's streaming strategy. Six months ago, you had four owners to the business and it was very complicated and confusing - so this brings about a lot of clarity and control of direction for Disney."

Disney's own exclusive streaming service, Disney+, will be debuting later this year.
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