Disney May Get Hulk In Trade For Hulu?


Citigroup analyst Jason Bazinet floated the possibility that Disney could secure the rights to the Marvel characters held by Comcast – such as Hulk and Namor – as part of a sale of its 67% stake in Hulu.

According to The Wrap, the Wall Street analyst has a ‘Buy’ listing on Disney shares and says the studio’s most recent results left him thinking it will look to shed Hulu.

The analyst wrote: “Following fiscal 1Q23 results, we believe the company is less interested in a mass market DTC offering. This raises the possibility that Disney may sell its Hulu stake.”

Under a 2019 agreement, Disney can buy out Comcast’s remaining 33% stake in Hulu as early as January 2024 – and Comcast can require that Disney do so. But Bazinet suggested a deal could be in the offing and those Marvel characters could well be a part of it:

“While Disney owns all Marvel IP, Universal has distribution rights to Hulk and Namor. As such, if Disney makes a Hulk or Namor film, Comcast can distribute the film on Peacock. If Hulu is sold, Disney may use this as an opportunity to secure these distribution rights.”

Hulu is a valuable asset with 44% of U.S. internet households subscribed to Hulu in the third quarter of 2022 with an average revenue per user of $12.46.

Disney shedding Hulu wouldn’t be that out of left field. Hulu has no footprint overseas, Disney incorporated its Hulu original offerings and Fox library into a section on the Disney+ app named ‘Star’ in all international markets where it has worked just fine. The U.S. could soon follow suit.

The analyst says Hulu’s price tag could come in anywhere between $19.8 billion and $27.5 billion.

Source : https://www.darkhorizons.com/disney-may-get-hulk-in-trade-for-hulu/

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