Disney and NBCU amend Hulu put/call; floor value set at $27.5B

Walt Disney Co

NBCU can require Disney to buy its 33% Hulu stake from Nov 2023 at greater of fair value or $27.5B floor.
Disney also has option to require NBCU to sell its Hulu interest under the same valuation terms.
If exercised in Nov 2023, Hulu equity fair value will be assessed as of Sept 30, 2023.
Disagreements on fair value trigger investment bank appraisals; if needed, a third firm decides and the two closest values are averaged.

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