@Chaotic Pizzaparty
While I agree with most what you wrote are a few issues
1. Disney doesn't have to buy Hulu, there is one out, they are allowed to sell their shares instead, Comcast who own the 33% have said they would be open to buying Disney's shares instead. Long term maybe a bad move, but the cash on hand injection would be very useful.
Comcast chairman and CEO Brian Roberts then also went public, calling the streamer “a phenomenal business.” He added: “It has wonderful content, and I believe if it was for sale, put up for sale, Comcast would be interested — and so would a lot of other tech and media companies.”
4. Disney has $48.4 billion debt as of December 2022, down from $54.1 billion the year before. So the level of debt isn't worrying as long as they can continue to lower it year on year. However the risk comes from what else you have posted, such as Hulu and things such as Disney+ subs losing, MCU not bring in the profits they once did and a number of flops in coming out such as Little Mermaid and Elements. Hulu it's self will add billions to the debt, while the others may make it harder for Disney to lower their current debt.
Just so people see how crazy Disney budgets are
Little Mermaid $250 million (needs to least $600 million on the low side to make money)
Elementals $200 million (Spider-Verse 2 has a budget of $100 million, the Mario movie $100 million again,)
Indiana Jones and the Dial of Destiny $300 million+
Haunted Mansion $157.8 million (Dune cost $165 million, Godzlla vs Kong had a budget of $155 million)
No reasons any of these movies should have budgets close to what they do, how the hell does Haunted Mansion have a budget over $50 million. How did the Little Mermaid cost $250 million when it looks so ugly.
Disney issues also aren't helped by them being unable or unwilling to create fresh ips to replace old ones or even take the heat of something like the MCU so it has more longevity. Then you have the FOX buyout where they bought them, stick the big ips on Disney+ then massively gut them, so they hardly make anything despite the fact they were profitable pre-buy out.