In addition to the put/call agreement, Comcast has agreed with Hulu to extend the Hulu license of NBCUniversal content and the Hulu Live carriage agreement for NBCUniversal channels until late 2024 and to distribute Hulu on its Xfinity X1 platform. Whether Comcast funds its share of those equity capital calls or not, Disney has agreed that Comcast’s ownership interest in Hulu will never be less than 21% such that Comcast is guaranteed to receive at least $5.8 billion under the put/call agreement. Disney has agreed that only $1.5 billion of any year’s capital calls can be funded through further equity investments with any capital in excess of that annual amount being funded by non-diluting debt. Iger, Chairman and Chief Executive Officer, The Walt Disney Company, in a statement this morning.ĭisney and Comcast have agreed to fund Hulu’s recent purchase of AT&T Inc.’s 9.5% interest in Hulu, pro rata to their current two thirds/one third ownership interests and, going forward, Comcast will have the option but not the obligation to fund its proportionate share of Hulu’s future capital calls and will be diluted if it elects not to fund. We are now able to completely integrate Hulu into our direct-to-consumer business and leverage the full power of The Walt Disney Company’s brands and creative engines to make the service even more compelling and a greater value for consumers,” said Robert A. “Hulu represents the best of television, with its incredible array of award-winning original content, rich library of popular series and movies, and live TV offerings. Hulu’s fair market value will be assessed by independent experts but Disney has guaranteed a sale price for Comcast that represents a minimum total equity value of Hulu at that time of $27.5 billion. Under the put/call agreement, as early as January 2024, Comcast can require Disney to buy NBCUniversal’s interest in Hulu and Disney can require NBCUniversal to sell that interest to Disney for its fair market value at that future time. Musk has cut thousands of jobs, scaled back the company’s content moderation and allowed accounts previously banned for breaking rules to return.īloomberg writer Molly Schuetz contributed to this report.The Walt Disney Company and Comcast Corporation announced today that Disney will assume full operational control of Hulu, effective immediately, in return for Disney and Comcast entering into a “put/call” agreement regarding NBCUniversal’s 33% ownership interest in Hulu. The company’s Twitter Blue subscription service plan has also been flailing, drawing less than 1% of the user base. Musk has also said he wants to build Twitter beyond social media and into an “everything app,” including financial services. He has also changed the corporate name of Twitter’s parent to X Holdings, an entity that could eventually be the parent for all his businesses - an idea he has publicly mused about. Despite a slight uptick in daily users since early 2022, Twitter’s revenue has fallen by 50% since October as a result of a “massive decline” in advertising, Musk said in March. The next CEO of Twitter will have to deal with an advertiser exodus. and Space Exploration Technologies Corp., has drawn criticism for his abrupt policy changes and neglect of his other businesses. In December, Musk asked his Twitter followers whether he should step down as CEO, and 57.5% said yes.
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