The results from the Fox movie studio were “well below” what Disney hoped for “when we made the acquisition,” CEO Bob Iger says.
The agreement gives Disney immediate operational control of Hulu in return for buying out Comcast's minority stake for at least $5.8 billion in 2024.
The deal will add to "the stable of must-watch content [Disney] can offer directly to consumers — and that streaming competitors can not.”
ESPN continued to be a drag on Disney's cable networks unit, which saw a 4% decline in revenue and a 2% drop in operating income.
Operating income fell at all of Disney's business segments in the fourth quarter, with the cable unit continuing to suffer from ESPN subscriber losses.
Revenue rose 5% to $13.1 billion, but that was below analysts' estimates of $13.23 billion.
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