Disney is already a 30% owner of Hulu. If it got Fox's 30% stake, it would move to a 60% control owner, along with Comcast at 30% and Time Warner at 10%.

Such a move would allow Disney to consolidate Hulu's financial results.

Hulu hasn't gotten nearly as much attention as Netflix over the past few years. The critical acclaim and Emmys for The Handmaid's Tale put it in the spotlight in recent months, but it's still not discussed on the same level as Amazon's Prime Video, Netflix, Apple and other potential over-the-top (OTT) video entrants.

Why not?

Hulu is expected to reach 32 million viewers later this year. That's less than Netflix's 128 million and Amazon's 85 million, but it is still formidable and ahead of everyone else who wants to launch an OTT network.

Consider this: Ben Swinburne of Morgan Stanley recently predicted that Disney's planned entertainment OTT service, set to launch in 2019, could achieve 30 million subs by 2028.

Hulu's at that level today.

Hulu was founded in March 2007. Achieving scale takes time. Everyone who thinks it's a great idea to launch an OTT channel today might have a tough 10 years ahead of them.

How many "must have" OTT channels will each of us subscribe to in the future? Netflix, Apple (whenever they launch something), Amazon, Hulu and Disney all seem like likely choices. How many others?

Look at the app economy for comparison. On the top of the App Store charts today, it's basically Facebook (with Messenger, Instagram and WhatsApp), Google and Snapchat. It seems like there also be a finite choice of OTT channels as well.

Becoming a majority owner of Hulu today might end up like being the majority owner of Instagram in 2014.