Walt Disney Co. said it will acquire a 33% stake in Hulu from Comcast for approximately $8.6 billion, a deal that will give Disney full control of the streaming service.
Hulu began in 2007 as a website backed by entertainment conglomerates who hoped to create a bulwark against the internet with an online platform for their TV shows.
That didn't stave off consolidation in the entertainment industry, and Disney gained control of Hulu in 2019 when it bought the entertainment business of 21st Century Fox.
The purchase is still a risky bet since all streaming services are under pressure to generate bigger profits.
