Disney, the world's No. 1 content studio and No. 2 streaming service, is launching a mega-streaming deal in December that will combine Disney+ and Hulu. The combination of Hulu, with its adult-oriented content and network programming, and Disney+, with its family, kids, and enthusiast-focused streaming, will give Netflix a run for its money.

Hulu was founded on October 29, 2007, by a coalition of Disney, NBCUniversal, Fox's News Corporation, and Providence Equity as a way for Hollywood studios to compete with streaming services like Netflix. However, when 21st Century Fox was sold to Disney in 2019, the fox’s stake in Hulu was transferred to Disney. The company is now owned by NBCUniversal (33%) and Disney.

However, a full acquisition of Hulu by Disney would likely reshape the global streaming services market into a two-powered battle between Netflix and Disney. During the earnings call, Disney CEO Bob Iger said, "We are in final negotiations to acquire a majority stake in Hulu from Universal, and we plan to begin beta testing our Disney+ and Hulu apps next month to provide subscribers to both services with a unified experience."

Disney is currently in negotiations with Comcast to acquire NBCUniversal's 33% stake in Hulu. In early November 2023, Disney offered Comcast at least $8.61 billion for the lion's share of Hulu, but Comcast believes that Hulu is worth more and the purchase price could be higher depending on the findings of a financial institution appointed by both parties. "We're in the business of delivering one app experience in the U.S.," said CEO Bob Iger in September, "making it more convenient for Disney+ bundle subscribers to have a comprehensive entertainment experience." The integration of Disney+ and Hulu also has implications for K-content and the platform's strategy for going global. While K-content has a new distribution outlet that reduces its dependence on Netflix, K-streaming platforms need to be wary of the emergence of competitors.