Disney takes over Hulu from Comcast as streaming wars heat up

NEW YORK: Disney is taking full control of Hulu from Comcast, as both companies prepare to launch their own streaming services in response to declining audiences for traditional TV.

The companies said Tuesday that Comcast, which owns a third of Hulu, can sell its stake to Disney starting in 2024, for a minimum of $5.8 billion. Until then, Comcast will be a silent investor.

Hulu launched more than a decade ago as the major entertainment companies dealt with the rise of digital media. While YouTube became a home for digital video, Netflix built up a streaming library of back seasons of popular TV shows and movies, and Hulu made TV episodes from networks such as ABC, NBC and Fox available online after they aired on TV.