The deal would make Disney Hulu's largest stakeholder.
The move would follow the consolidation in the media space among Disney, Fox, AT&T and Time Warner.
Once Disney closes its $71 billion acquisition of Twenty-First Century Fox (FOXA) assets later this year, Disney will double its Hulu stake to 60% from 30%. AT&T already has stated that it is willing to sell its 10% stake in the company following its merger with Time Warner.
Comcast's (CMCSA - Get Report) NBCUniversal arm holds the remaining 30% of Hulu, a service that features network shows and movies from all of the major networks and studios. The platform has been seen as a way to stem the cord-cutting tide as consumers opt for more piecemeal entertainment options.
Hulu is television networks' answer to Netflix (NFLX - Get Report) . Hulu had 25 million subscribers as of 2018 after adding 8 million subscribers during the year. The company reported $1.5 billion in 2018 advertising revenue, a 45% increase from the year earlier, while increasing its advertiser base by 50%.
WarnerMedia is preparing to launch its own streaming service in the fourth quarter of 2019. Disney also has plans to launch Disney+, a direct-to-consumer product, later this year. It is unclear how Hulu would play into Disney's streaming plans.