NBCUniversal's CEO Steve Burke revealed back in January that Disney also wanted to buy the 30 percent stake the media conglomerate owns, but the company wasn't looking to sell. Disney's offer for AT&T's portion won't fall on deaf ears, though: AT&T has been thinking of selling WarnerMedia's portion to prepare for its own streaming service's launch later this year. Variety didn't say how much Disney offered for the carrier's ownership, but AT&T's original $583 million investment in 2016 now has an implied value of $930 million.

If Disney does end up owning most of Hulu, the media giant might be more inclined to invest even bigger money in the platform. With its deep pockets and vast collection of intellectual properties, Hulu could gain more ammo against rivals like Netflix and be able to expand to new markets where it's still not available.