Disney takes full control of Hulu in new deal with Comcast

While the streaming service Hulu is still not available in Canada, that is going to change in the near future. The companies Disney and Comcast also agreed to help fund Hulu’s “recent buyout of AT&T’s 9.5 percent interest in the company.” Thanks to the news of this deal, Disney’s share rose to almost two percent in the stock market.

Disney's video streaming service will offer Disney's films and TV shows, along with the library it acquired from Rupert Murdoch's 21st Century Fox

VALERIE MACON, AFP/File

With this move, Disney is trying to compete with Netflix in the streaming landscape, especially since it will be rolling out its own streaming service, Disney+, this November.

Within a five-year period, according to Variety, Comcast has agreed to sell its Hulu stake to Disney for a minimum of $5.8 billion.

Disney Chief Executive Bob Iger, shown here in March, announced a $5 million donation from the company to restore Notre-Dame after Monday's fire

CHIP SOMODEVILLA, GETTY IMAGES NORTH AMERICA/AFP/File

Bob Iger, the chairman, and CEO of Disney, opened up about this deal in a press statement. Iger stated that Disney is now able to completely integrate Hulu in its “direct-to-consumer business.” Also, by leveraging the full power of Disney’s brands and creative engines, they can make the streaming service even more compelling and an even better “value for consumers.”