Walt Disney Co. said Tuesday it had reached an agreement to take "full operational control" of the streaming television service Hulu, effective immediately, under a deal with Comcast, which holds a 33 percent stake. The deal gives Comcast, a media and cable giant, an option to sell its stake to Disney at fair market value within five years, with Hulu's equity to be valued at no less than $27.5 billion.
The agreement enables Disney to step up its efforts in streaming television against Netflix, the market leader, while keeping content from Comcast unit NBCUniversal through 2024.
Hulu, which is known for its popular Emmy-winning "The Handmaid's Tale" and recently announced it had 28 million viewers, will be one of three streaming options offered by Disney, which is set to launch its family-oriented Disney+ service this year and already offers sports platform ESPN+. Disney doubled its stake in Hulu to 60 percent with a deal to acquire key assets of Rupert Murdoch's 21st Century Fox.
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