With a bit more than a year left before Disney can buy out Comcast’s financial stake in Hulu, Comcast CEO Brian Roberts pushed back on Disney CEO Bob Chapek’s suggestion that Hulu’…
“I would take great exception to” that assessment , Roberts said during an appearance at the Goldman Sachs Communacopia & Tech Conference.
“Hulu’s a phenomenal business,.” Roberts asserted. A 15-year-old, fully distributed streaming service would generate a “robust auction” were Disney to decide to put it up for sale. In that scenario, he added, “Comcast would be interested, and so would a number of tech and media companies. … I don’t know that the public markets are the way to judge the value.”In 2019, as it completed the $71.
In 2022, longtime high-flier Netflix has seen its market capitalization shaved by more than half after it reported two straight quarters of stagnation. A darkening economic picture exacerbated Wall Street anxiety about streaming given its tech-style model of prioritizing growth before profits, and soon Roku and a number of media stocks started to plunge.for locking up Hulu and combining it with Disney+.
As far as a resolution to the matter before 2024, Roberts said, “Of course, we’re always happy to talk about it. But the value that we structured in the agreement anticipates that robust auction for 100% of the company as a going concern — what would somebody pay for that? — and we’d get our fair share of that. … I think it’s got tremendous value and I’m sure our shareholders share that belief.”
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