In a new note to clients, Citi analyst Jason Bazinet predicted that Disney may sell off its stake in Hulu, and use some of the funds to secure the rights to more Marvel Comics characters.
Disney's 67% stake in Hulu would more than pay for the acquisition of Hulk and Namor distribution rights from Comcast's Universal.
- Disney owns all Marvel Comics intellectual property, but Comcast retains "distribution rights" on the Hulk and Namor characters.
- Citi reports that the Marvel acquisition costs would run around $300 million, a fraction of what Disney could earn for its Hulu stake.
- Comcast and Disney currently co-own Hulu; under the terms of the agreement, Comcast can force Disney to buy out its Hulu stake as early as January 2024, at a minimum value of $9.2 billion for its 33% stake ($27.5 billion for the company in total).
- Bazinet estimates Hulu's actual value at around $19.8-$27.5 billion.
