Davis Polk is advising Comcast Corporation on its “put/call” agreement with The Walt Disney Company regarding NBCUniversal’s 33% ownership interest in Hulu. Under the put/call agreement, as early as January 2024, Comcast can require Disney to buy NBCUniversal’s interest in Hulu and Disney can require NBCUniversal to sell that interest to Disney for its fair market value at that future time. Comcast is guaranteed to receive at least $5.8 billion under the put/call agreement.

Comcast is a global media and technology company with three primary businesses:  Comcast Cable, NBCUniversal and Sky. Hulu is a leading premium streaming service offering live and on-demand TV and movies, with and without commercials, both in and outside the home. The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company with operations in four business segments: Media Networks; Studio Entertainment; Parks, Experiences and Products; and Direct-to-Consumer and International.

The Davis Polk corporate team includes partner Brian Wolfe and associate Evan Rosen. Managing Partner Neil Barr and counsel Patrick E. Sigmon are providing tax advice. Partners Jason Kyrwood and Meyer C. Dworkin and counsel Hillary Dengel are providing credit advice. The capital markets team includes partner Bruce K. Dallas. Partner Frank J. Azzopardi and counsel Bonnie Chen are providing intellectual property and technology advice. Members of the Davis Polk team are based in the New York and Northern California offices.