Disney CEO Bob Iger said Thursday that “all the pieces is on the table” with streaming service Hulu.
Disney owns two thirds of the streaming service, which focuses on more adult-oriented general entertainment content similar to the series “Only Murders within the Constructing” and the sci fi thriller “Prey.” Iger wants Disney to give attention to its more family-friendly franchises, similar to “Frozen” and the Marvel Cinematic Universe.
Disney has been expected to purchase the remainder of it from Comcast as early as January 2024.
Iger’s comments on Hulu got here as he told CNBC’s David Faber that he was planning on paring back Disney’s general entertainment content.
He said that he wasn’t going to invest whether Disney is a buyer or seller of Hulu immediately.
Nonetheless, Iger also noted that “streaming is the longer term” and that the streaming segment of the business is top priority.
Disney and Comcast have gone backwards and forwards on Hulu. Comcast introduced a proposal to purchase Disney’s 66% stake in Hulu, but Disney rejected the thought, CNBC previously reported. In May 2019, the 2 corporations reached a tentative agreement that Comcast would sell its minority stake to Disney by 2024.
Because the 2024 deadline gets closer, Disney has the choice of shopping for out Comcast’s 33% stake. Disney guaranteed a minimum value of $27.5 billion for Hulu. Prematurely of Disney’s potential stake buyout, Comcast has transferred shows like “Saturday Night Live” to its Peacock streaming platform.
Iger’s comments regarding Hulu on Thursday come after Disney announced 7,000 job cuts, together with an overall reorganization of the business into three central divisions: streaming and media operations, ESPN and parks. It also said it could cut $5.5. billion in costs. The reorganization marks Iger’s most important motion since returning to the helm in November.
Shares of Disney closed 1% lower on Thursday.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
