disney CEO Bob Iger said Thursday that “everything is on the table” with the Hulu streaming service.
Disney owns two-thirds of the streaming service, which focuses on more adult-oriented general entertainment content like the “Only Murders in the Building” series and the sci-fi thriller “Prey.” Iger wants Disney to focus on its more family-friendly franchises, such as “Frozen” and the Marvel Cinematic Universe.
Disney was expected to buy the rest of Comcast from January 2024.
Iger’s comments on Hulu came as he told CNBC’s David Faber that he plans to cut Disney’s general entertainment content.
He said he wasn’t going to speculate whether Disney is a buyer or a seller of Hulu right now.
However, Iger also noted that “streaming is the future” and that the company’s streaming segment is the top priority.
Disney and Comcast went back and forth on Hulu. Comcast submitted a proposal to buy Disney’s 66% stake in Hulu, but Disney rejected the idea, CNBC previously reported. In May 2019, the two companies reached an agreement in principle that Comcast would sell its minority stake to Disney by 2024.
As the 2024 deadline approaches, Disney has the option to buy out Comcast’s 33% stake. Disney has guaranteed a minimum value of $27.5 billion for Hulu. Ahead of Disney’s potential stake buyout, Comcast moved 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, as well as an overall reorganization of the company into three core divisions: streaming and media operations, ESPN and parks. He also said he would cut $5.5. billions of dollars in fees. The reorganization marks Iger’s most significant action since returning to the helm in November.
Shares of Disney closed down 1% on Thursday.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
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