Shares of Walt Disney (DIS) were rising more than 1% Thursday on a report that the media giant was in talks with rival Comcast (CMCSA) to purchase the cable giant's 30% stake in streaming service Hulu.
CNBC is reporting that the two companies are in talks with Comcast weighing the pros and cons of parting with the asset now vs. later.
Hulu was a joint venture at its inception with Disney, Comcast and Twenty-First Century Fox each holding a 30% stake in the company. Last week, Hulu purchased back a 9.5% stake in itself from Time Warner owner AT&T (T) .
Comcast CEO Brian Roberts suggested that the company is happy with its position in Hulu during an interview Thursday on CNBC. Comcast also owns that network.
"On Hulu, the relationship with NBC, it's very much in everybody's interest to maintain," Roberts said during an interview on CNBC's "Squawk Box." "And we have no new news today on it, other than it's really valuable. And we're really glad we own a large piece of it.
Comcast was barred from having a say in Hulu's direction following its purchase of NBCUniversal in 2011. That consent decree expired in 2018 and Comcast took an active role in the company's direction.
However, Disney's purchase of Fox's assets, which closed last month, gave it a 60% stake in the company and once again took control of Hulu away from Comcast.
Comcast shares were rising 3.46% on Thursday following the company's first-quarter earnings beat.
Comcast and Disney are both holdings in Jim Cramer's Action Alerts PLUS charitable trust.