Burbank, California - The Walt Disney Company announced it will buy Comcast's $8.6 billion stake in Hulu, completing its takeover of the streaming service.

The acquisition will "further Disney's streaming objectives," the company said in a Wednesday press release, and comes as it strives to boost subscriber numbers at its Disney+ streaming service.

The deal values Hulu at $27.5 billion in total, according to Disney, which said the transaction will be concluded by December 1.

The California-based entertainment giant already sells Hulu as part of bundled offerings with its Disney+ and ESPN+ platforms.

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An ad-subsidized bundle of the three services is priced at $15 monthly in the US, with an ad-free version costing $25 per month.

Disney+ lost more than 10 million subscribers in the recently ended quarter, in large part in the Indian market.

Netflix last month said subscriber numbers grew nearly 11 percent to 247 million as it cracked down on password sharing and refined an ad-supported tier. It also announced an increase in prices on some of its plans, perhaps creating an opportunity for competitors such as Disney.

Hulu was founded in 2007 as a joint venture between News Corporation and NBC Universal, with Disney joining soon after as a partner, according to its website.