When The Bear returns for its fourth season on June 26, fans of creator Christopher Storer’s hit series will finally learn the fate of Carmy’s new restaurant, which had been left up in the air while awaiting a critic’s make-or-break review. At the same time, the streaming platform that carries the tension-filled kitchen drama is undergoing a transformation of its own: Hulu, the longtime home of FX’s The Bear and dozens of other prestige originals including The Handmaid’s Tale and Only Murders in the Building, now belongs fully to The Walt Disney Company after a years-long ownership drama finally concluded this week.
On Monday, Disney completed its acquisition of NBCUniversal’s remaining stake in Hulu for $439 million, bringing Disney’s total payment for full control of Hulu to about $9 billion. The final payout follows a commitment Disney made in 2023 to assume full ownership of the streaming service it has operated since 2019.
“We are pleased this is finally resolved,” Disney CEO Bob Iger said in a statement. “Completing the Hulu acquisition paves the way for a deeper and more seamless integration of Hulu’s general entertainment content with Disney+ and, soon, with ESPN’s direct-to-consumer product, providing an unrivaled value proposition for consumers.”
What can subscribers expect?
In the short term, Hulu subscribers can expect a more unified streaming experience, new bundle offers, and likely another round of price hikes—especially as Disney increasingly focuses on profitability (Disney+, Hulu and ESPN+ last increased their monthly fees in October 2024). Disney will also likely ramp up its investment in Hulu originals, while reducing its reliance on licensed content from NBCUniversal.
Disney stands to benefit on several fronts from fully owning Hulu, said Alejandro Rojas, vice president of applied analytics at Parrot Analytics. For one, Disney could gain $300 million in revenue from new international sign-ups for Hulu’s original content, per Parrot Analytics’ estimate. Hulu doesn’t currently have a standalone international offering; Disney has instead incorporated Hulu series like The Bear into the Star hub on Disney+ internationally.
“We anticipate Disney will realize approximately $2.5 billion in synergies” as a result of its full Hulu ownership, Rojas told Observer, referring to potential savings and added value from the deal. That includes an estimated $1.5 billion gain from hanging on to more subscribers and $700 million in ad revenue, thanks to longer engagement with Hulu content.
How might a full Disney ownership change Hulu?
In addition to the potential for international expansion, Disney could pursue other opportunities, like further integrating Hulu with ESPN’s forthcoming streaming service and entering new ad markets. Ad revenue, in particular, is the next big frontier as streaming platforms shift their focus from growth to profitability.
In the longer term, viewers could see Hulu evolve into a Netflix-style global entertainment brand—or disappear into a broader Disney super-app.
For now, Hulu still hosts next-day TV titles from ABC and FX and offers a live TV option—plus, its library includes legacy hits like Grey’s Anatomy. But with more Hulu originals surfacing on Disney+, which already hosts mature content internationally under the Star banner, the distinction between the two is fading. Disney could eventually consolidate everything under a single platform, similar to what Warner Bros. Discovery first attempted with Max (now HBO Max again)—a decision WBD has since backed away from.
Disney could also decide that Hulu’s brand still serves a purpose, especially for subscribers who want prestige content without Disney’s family-friendly sheen. Either way, with Comcast out of the equation, Disney no longer has to negotiate.
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