Hulu Acquisition, Valuation, Funding & Investors

Hulu was acquired by Disney for $29B in November 2023, a 2.4x multiple on $12B of revenue.

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Hulu acquisition price

$29B

Acquired by Disney · Nov 2023

Hulu revenue at acquisition

$12B

Last twelve months · Nov 2023

Hulu revenue multiple at acquisition

2.4x

EV/Revenue · Nov 2023

Cumulative funding Hulu raised

$583M

across 1 funding round

Hulu Overview

About Hulu

Hulu is a Los Angeles-headquartered streaming service owned by The Walt Disney Company. Launched in 2007, it delivers TV shows, movies, and originals from partners including Disney, 20th Century Studios, Searchlight Pictures, FX, and ABC News. The platform offers ad-supported and ad-free tiers, Hulu on Disney+ bundle, and international availability in Japan. Content hub features next-day episodes from networks like NBC, Paramount, and Warner Bros., accessible on web, mobile, and connected TVs worldwide.


Founded

2007

HQ

United StatesLos Angeles, CA

Website

hulu.com

Status

Acquired

Customer focus

B2C

Revenue model

Subscription, Advertising

Revenue

$12B (Nov 2023)

Valuation

$5.8B (Aug 2016)

Hulu Acquisition

Hulu was acquired by Disney for $29B on 1 November 2023.

The acquisition price implies a 2.4x revenue multiple on $12B of revenue.

Before the acquisition Hulu had raised $583M across 1 funding round.

Hulu operates as a subscription video-on-demand streaming service offering general entertainment content, originals like The Bear, and licensed programming. The Walt Disney Company, which has managed Hulu since 2019 after acquiring a controlling stake from 21st Century Fox, agreed in 2023 to purchase the remaining 33% stake held by Comcast's NBCUniversal following Comcast's exercise of its put option on November 1. This deal stems from a 2019 agreement setting a $27.5 billion guaranteed floor value for Hulu, with Disney initially expecting to pay NBCU approximately $8.61 billion by December 1, 2023, adjusted for capital contributions and subject to a fair market value appraisal as of September 30, 2023. Disney completed the acquisition in 2025, paying a final $439 million for NBCU’s stake, bringing the total cost to about $9 billion and granting Disney full ownership. The strategic rationale centers on enhancing streaming integration by merging Hulu’s content with Disney+ and ESPN’s direct-to-consumer product, unlocking synergies estimated at $2.5 billion including $1.5 billion from subscriber retention and $700 million in ad revenue, plus $300 million from international expansion of Hulu originals via Disney+’s Star hub. This eliminates negotiation needs with Comcast, supports profitability goals amid prior price hikes in October 2024, and allows ramped investment in Hulu originals while reducing reliance on NBCU licensed content. The completion paves the way for unified subscriber experiences, new bundles, and potential price increases, positioning Disney to capitalize on Hulu’s prestige content distinct from family-friendly Disney+ offerings amid competitive streaming dynamics.

Hulu acquisition details
AcquirerDateTypePriceEV/Revenue
1 Nov 2023Strategic M&A$29B2.4x

Hulu Valuation

Hulu is currently valued at $5.8B, based on its undisclosed-stage round in August 2016.

The $583M round was led by WarnerMedia.

Hulu valuation by funding round

Hulu valuation by funding round
DateStageValuation
Aug 2016Undisclosed stage$5.8B

Hulu Funding History

Hulu has raised a total of $583M across 1 funding round.

Hulu funding rounds

Hulu funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2016Undisclosed stageWarnerMedia (lead)$583M$5.8BHulu, a US-based television streaming platform founded in 2006 by News Corp and NBC Universal and launched in 2008, provides monthly subscribers with on-demand streaming of television programming and films. In August 2016, Time Warner (later WarnerMedia) invested $583 million in cash to acquire a 10% stake in Hulu, valuing the company at $5.83 billion post-money. This valuation was approximately three times Hulu's last funding round valuation from 2012, according to a person familiar with the matter cited by the Wall Street Journal. Prior to the deal, Hulu was jointly owned by Walt Disney, Comcast, and 21st Century Fox, each holding about 30%. The investment did not include a board seat for Time Warner. In addition to the equity stake, Time Warner agreed to supply content from its channels, including TNT, TBS, CNN, Cartoon Network, Adult Swim, TruTV, Boomerang, and Turner Classic Movies, for Hulu's planned live streaming service launching in early 2017. Hulu's CEO Mike Hopkins described the investment as a major step in redefining television for consumers and advertisers, building on an existing relationship that included past seasons of Turner shows on Hulu's subscription video-on-demand offerings. The live streaming feature positioned Hulu to compete with established cable networks by enabling live online viewing of cable channels.

Who has invested in Hulu?

1 investor has backed Hulu across its funding rounds, including WarnerMedia.

Lead investors include WarnerMedia.


Hulu Investors

Investors in Hulu by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Hulu

Hulu has acquired 2 companies to date.

Last acquisition by Hulu was on November 15th 2016. Hulu acquired The Video Genome Project for undisclosed valuation.


Latest Acquisitions by Hulu

The Video Genome Project
Vhoto
Description
The Video Genome Project is a San Francisco-based initiative creating a structured database of video metadata by crowdsourcing annotations from 100,000 contributors. It catalogs 10 million videos with tags for scenes, objects, emotions, and brands, enabling AI training for content recommendation and search.
Vhoto is an iOS application that employs machine learning and computer vision to automatically detect and extract standout GIFs and photos from HD videos, simplifying the process of capturing and sharing key moments from everyday footage.
HQ CountryUnited StatesUnited States
HQ City
Los Angeles, CA
Seattle, WA
Deal Date15 Nov 201616 Feb 2016
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Hulu Competitors

Hulu competitors include listed companies like Comcast and Saregama India, and private ones like Epic Games, Labs, Kakao Entertainment and Icon Health Fitness.

Public and private companies comparable to Hulu
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Epic GamesUnited StatesRaleigh, NCPrivate$5.7B-$23B3.9x
ComcastUnited StatesUnited StatesPublicly listed$124B$46B$81B1.4x
LabsUnited StatesLos Angeles, CAPrivate--$10B-
Kakao EntertainmentSouth KoreaSeongnamPrivate$1.2B-$7B5.8x
Icon Health FitnessUnited StatesLogan, UTPrivate$1B-$7B7.0x
Saregama IndiaIndiaIndiaPublicly listed$100M$36M$979M8.6x

Hulu Public Comps

Hulu is no longer listed, but its public comps include Baidu, EchoStar, Fox Corporation, Roku, News Corp, Sirius XM, Bilibili, Arashi Vision, RUM Group and Warner Bros. Discovery.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Baidu$19B$3.3B1.3x1.4x7.8x8.0x
EchoStar$15B($16B)3.0x3.1x(2.8x)21.5x
Fox Corporation$17B$3B1.7x1.7x9.9x7.4x
Roku$4.7B$436M4.4x3.9x47.7x32.1x
News Corp$9B$1.5B2.0x2.0x12.2x10.9x
Sirius XM$8.6B$2.1B2.2x2.2x8.9x7.0x
Bilibili$4.5B$464M0.8x0.8x8.3x6.0x
Arashi Vision$1.5B$134M3.7x2.6x39.8x52.0x

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Common questions about Hulu

When was Hulu founded?Hulu was founded in 2007.
Where is Hulu headquartered?Hulu is headquartered in Los Angeles, CA, United States.
Is Hulu publicly listed?No, Hulu was acquired by Disney in November 2023.
Who acquired Hulu?Hulu was acquired by Disney in November 2023.
How much was Hulu acquired for?Hulu was acquired for $29B in November 2023, a 2.4x revenue multiple.
What is Hulu's valuation?Hulu was last valued at $5.8B in its undisclosed-stage round in August 2016.
How much funding has Hulu raised?Hulu has raised $583M across 1 funding round.
What was Hulu's last funding round?Hulu's last funding round was a $583M undisclosed-stage round in August 2016, led by WarnerMedia.
Who are Hulu's investors?Hulu's investors include WarnerMedia.
Which companies are comparable to Hulu?Companies comparable to Hulu include Epic Games, Comcast, Labs, Kakao Entertainment, Icon Health Fitness and Saregama India.
How many companies has Hulu acquired?Hulu has acquired 2 companies, including The Video Genome Project and Vhoto.

See companies similar to Hulu

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