Walt Disney Co. will take full control of Santa Monica-based streaming service Hulu from Comcast, which owns a third of the service.

The companies announced Tuesday that Comcast will sell its stake back to Disney beginning in 2024 for at least $5.8 billion. The deal values Hulu at $27.5 billion.

Variety reports NBCUniversal will have rights to cancel its content-licensing agreements with Hulu by 2022.

Disney obtained ownership of Hulu after purchasing the entertainment assets of 21st Century Fox in March and secured a majority stake in Hulu after AT&T Inc. sold its roughly 10% stake in the company to Disney and NBCUniversal for $1.43 billion in April.

Burbank-based Disney is now doubling down on streaming; it will launch its own Disney Plus streaming service this November. Comcast’s NBCUniversal property announced in January it will also start up its own streaming service by 2020, supported by ads and free for any paying cable customer. Non-cable subscribers or those who wish to watch ad-free will pay a fee, though Comcast hasn’t yet disclosed pricing plans.

Hulu is supported by both subscription pricing and advertisements.

Tech reporter Samson Amore can be reached at [email protected] or (323) 556-8335. Follow him on Twitter @samsonamore.