Disney has confirmed its widely anticipated decision to acquire the remaining 33% stake in the streaming service Hulu from TV giant Comcast, thus obtaining full ownership of the platform.

This move allows Disney to integrate Hulu into its Disney+ platform.

As Disney has faced increasing competition in the streaming industry and experienced a decline in profits, this strategic acquisition solidifies its position in the market.

Completing its takeover of Hulu is expected to cost some $8.6bn (£7bn), Disney said in a statement.

Furthermore, Disney stated that this strategic move is aimed at advancing its streaming goals and expanding its subscriber base.

In the United States, Disney already offers Hulu as part of bundled packages along with its Disney+ and ESPN+ platforms.

In the UK, certain Hulu content is already accessible via the Disney+ app, including shows like "The Kardashians" and "The Bear."

The price tag reflects a "guaranteed floor value" for the streaming service that was established when California-based Disney took over Rupert Murdoch's 21st Century Fox in a huge deal in 2019, along with a majority stake in Hulu.

Under an agreement between Disney and Comcast that year, both firms had the right to force a sale of Comcast's stake in Hulu - and executives have been vocal about wanting to do a deal.

But at a conference this year, Comcast chief executive Brian Roberts described Hulu as a "scarce kingmaker asset", which was "way more valuable today" due to its hits like the series Only Murders in the Building.

Disney reported in August that profits continued to fall as it faced a raft of issues including lacklustre film performance and a sharp drop in advertising sales in its traditional television business.

The company reported a 4% year-on-year increase in revenue for the three months ending on July 1. However, it also posted a loss of $460 million, a significant contrast to the $1.4 billion profit from the corresponding period in the previous year.

Disney, alongside other streaming platforms, has been exploring methods to increase revenue and address the issue of password-sharing.

Additionally, the film and television industry has encountered disruptions due to strikes in the US, resulting in delays in producing new content to engage audiences. A senior Disney creative responsible for works like "Frozen" expressed concerns to the BBC about the potential impact of the actors' strike on animation production later this year.