MS - Comcast Disney Appoint Morgan Stanley JPMorgan To Determine Hulu's Worth As Sale Process Advances | Benzinga
Streaming platform Hulu is one step closer to having a single owner as Comcast Corporation (NASDAQ:CMCSA) and The Walt Disney Company (NYSE:DIS) engage investment banks to evaluate the company’s value.
As reported by CNBC, Comcast, a one-third stakeholder in Hulu, has brought on Morgan Stanley while Disney, which owns the remaining two-thirds, has hired JPMorgan Chase & Co. The investment banks are tasked with providing a fair valuation for Hulu, a condition set up in a 2019 agreement between Disney and Comcast.
Almost five years back, Comcast and Disney struck an unusual agreement following Disney’s acquisition of the majority of Fox’s assets, including Fox’s minority stake in Hulu. This deal gave Disney majority control over Hulu. Comcast, however, didn’t sell its Hulu stake to Disney immediately, believing the value of streaming video would rise between 2019 and 2024.
The two companies had initially set an option ...