Bob Iger is exploring options to reduce Disney’s debt.
Media giant Disney currently owns a controlling 66% stake in streaming service Hulu, with the remaining 34% being owned by Comcast. Not long ago, former Disney CEO Bob Chapek expressed an interest in buying the remaining stake in Hulu and making it a full Disney property, possibly selling subscriptions to it in a bundle with Disney+. However, with Chapek’s removal from the position and Bob Iger’s reinstatement, the tides have begun flowing in the opposite direction.
In an interview with CNBC this week, Iger said that the company is looking for ways to reduce its debt, and one of the options on the table is selling their stake in Hulu to Comcast. This is a time-sensitive option for Disney, as they cut a deal with Comcast back in 2019 where, if their ownership is still split by 2024, Disney would need to buy the remainder from them.
“We are intent on reducing our debt,” Iger said. “I’ve talked about general entertainment being undifferentiated. I’m not going to speculate if we’re a buyer or a seller of it. But I’m concerned about undifferentiated general entertainment. We’re going to look at it very objectively.”
According to insiders who spoke with CNBC, Comcast has allegedly expressed interest in purchasing Disney’s stake in Hulu and using it in a similar bundle to what Chapek was planning, albeit with their own streaming service, Peacock. Neither Comcast nor Disney at large have publicly commented on the matter at the time of writing.
