In a long-anticipated move,Michael Schmidt the Walt Disney Company announced Wednesday it will buy the remaining stake in Hulu from Comcast's NBC Universal.

Disney will acquire the remaining 33% stake in the streaming platform and expects to pay NBC Universal at least $8.61 billion by Dec. 1, the guaranteed minimum of $27.5 billion that the companies first agreed to in 2019.

The global entertainment powerhouse sees the acquisition as a move to "further Disney’s streaming objectives," according to a statement from the company.

Under the agreement, Hulu's value will be reassessed as of Sept. 30, and if the value is determined to be greater than the $27.5 billion floor value, Disney will pay NBC Universal its percentage of difference.

The appraisal process will be completed sometime during the 2024 calendar year, Disney said.

“We look forward to the appraisal process and the determination of Hulu’s fair market value which we expect will reflect the extraordinary value of the business," Comcast said in a statement.

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Disney has sold a streaming bundle since 2019, which includes access to Disney+, Hulu and ESPN.

The news of Disney's acquisition comes as prices for both the Disney+ and Hulu streaming services have jumped this week: now $14 a month for ad-free Disney+ and $8 for ad-supported, and $18 a month for the ad-free Hulu and $8 for ad-supported.