Based on the joint venture agreement, Disney and Comcast will decide how they want to allocate the shares bought from AT&T, according to Reuters.
Hulu previously was co-owned by Disney, Twenty-First Century Fox, Comcast and AT&T. When Disney acquired Fox's entertainment businesses in March, it gained majority control. Disney CEO Bob Iger has said he may be interested in acquiring the rest, according to Bloomberg.
"We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future," Hulu CEO Randy Freer said in a statement. "WarnerMedia will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live and on demand, all in one place."