Simon Gallagher, Former Hulu executive, joins 'Money Movers' to discuss Disney finalizing its acquisition of Hulu and what it means for the company.

Disney has completed its full acquisition of Hulu by purchasing the remaining stake from Comcast, concluding a protracted negotiation process. This consolidation gives Disney control over both linear television and streaming services, a strategy that CEO Bob Iger believes strengthens the company's position as others exit the linear TV business.

Industry experts note that Disney's approach, particularly its continued investment in bundled live TV offerings and successful channels like ESPN, differentiates it from competitors who are divesting cable assets. The final valuation of Hulu was considered fair, with only a slight increase from previous estimates, reflecting a broader trend of streaming services becoming more attractive to investors as they achieve positive cash flow.

Disney set to fully takeover Hulu

Turning to the media space this morning, Disney finalizing its acquisition of Hulu, buying out its remaining stake from Comcast, and ending this years-long process. CEO Bob Iger joined Squawk on the street this morning, and Faber asked him why Disney chose not to separate the linear from the streaming business, similar to moves taken at some other media companies. Here's what he said. It's also interesting to us that as many others exit that business, I think it gives us a stronger hand to stay in that business. We're very focused. We will have, interestingly enough, a linear television business that's paired with a streaming business. So when you think about it, these spinoff companies won't have the assets from a streaming perspective that we will have. Joining us to discuss this morning, SPG global principal and former Hulu and Netflix executive Simon Gallagher. Simon, welcome back. Good to see you again. Thanks, Kyle. I wonder, first off, if you're surprised at their victory over that sort of valuation tug-of-war. It's surprising there was a number of independent external valuations. So I think it landed in a fair spot. They'd already put down a significant amount of money. So it was only a slight uptick, but certainly not as much as Comcast was looking for. So how do you think they capitalized on this move now? What comes next, and what did you make of Iger's comments about linear? It's interesting. I mean, they have their television bundle, similar to what YouTube TV have, and they're one of the few media companies that have that big bundle that they're still distributing online. So I think that Hulu, for them, is maybe starting to focus on that TV bundle. You also need to keep in mind that they've got a very successful product in ESPN, which is the reason they're staying in the channel business. So what about what he said about the benefit of having their own channels now to feed into their streaming business, while some of the competitors like Warner and our parent company are spinning off the cable assets? Which do you think is the better bet? Well, as I say, I think that because they've got the live TV bundle through Hulu that they offer, which has a high ARPU, it's launched, it's doing tremendously well in the United States. So I think that they continue to bet on that horse and provide a distribution point, not just for their own product, but for other media companies' channels. And does the valuation that they got tell you anything more broadly about what some of these streamers are worth? It didn't seem to have the uptick that I expected from when the negotiations began a couple of years ago. I expected there might be a slightly higher uptick than what there has been. Certainly because you've started to see a lot of the streaming companies over the past 6 and 12 months, the majority of them are turning cash flow positive. So it's a much more interesting space for investors, and I thought there might have been a bit more of an uptick than what there was. So if it's getting net-net, incrementally more competitive, not less, vis-a-vis Netflix, which, by the way, had their own news today about investing in Spain and in Europe, what's their optionality at the moment? Do they pivot harder into live events and sports, and some argue even news to some extent? Sorry, are you talking about Netflix or Disney? Netflix. Yeah, Netflix we've already seen pivot very well into sport. News, I'm not quite so certain. Certainly they can start to do documentary-style programming in the news space, and they've had a lot of success with things like True Crime, so it wouldn't surprise me to see them enter a little bit more into the news-based documentary space, but not relative to live news, unless, you know, perhaps we never know. CNN may come on the market at some stage over the next 12 months because of the wanna-divestment of their assets, or the split of their assets yesterday. Do you think there are interesting opportunities for the truly deep-pocketed players of Amazon and Apple? Is there something you think that they might have in mind aspirationally that they maybe uniquely can afford? I think Amazon, no, because they've recently done the MGM acquisition, and depending on who you would speak to, that's been of marginal success for them. Apple, there has always been discussions about whether or not they might be interested in Warner Brothers. They apparently had been approached many years ago, but that would be the only one that I would expect because of the IP that that would deliver to Apple from things like the Deep Sea Universe and other assets. So I would keep an eye on that. That's certainly an acquisition that Apple could do, but it's not the big mega-acquisition that Apple's been known for.

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

Deadly Texas floods: Search efforts underway for missing children

Türkiye has been battling wildfires for more than a week, with its western province of Izmir among the hardest hit. Thousands have been forced to flee as flames threaten homes and villages.

Ödemiş

Turkiye wildfires: At least two dead as fires burn for eighth day

It was not clear if Hamas’ statement meant it had accepted the proposal from US President Donald Trump for a 60-day ceasefire.

Jerusalem

Hamas says it is  'positive' about latest ceasefire proposal

President Trump brought pomp and circumstance to his signing of the "big, beautiful bill" on Friday, with an Independence Day ceremony at the White House that included a B-2 bomber flyover.

Washington

Global Tariffs

Trump signs "big, beautiful bill" as tariff deadline looms

Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.

Floods kill at least 13 in Texas, over 20 missing from summer camp

The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Kyiv

Ukraine Invasion

Zelenskyy, Trump agree on joint defense efforts in phone call

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

Paris

Macron held 'substantial' phone call with Putin

President Trump toured “Alligator Alcatraz,” a migrant detention center he teamed up with Ron DeSantis to build in the Everglades.