The Walt Disney Co. is likely to pay at least $8.61 billion to buy Comcast Corp.'s one-third stake in the Hulu Streaming Service.

Under a previous deal between the companies, the total value of Hulu will be no less than $27.5 billion, minus any capital contributions payable by Comcast to Disney, according to a statement on Wednesday. This marks the start of negotiations in a process that could last months.

The final price will be settled through an appraisal process and is likely to involve up to three investment banks, the companies said previously. Disney expects a deal to be completed next year.

The value of Hulu, which has about 50 million subscribers, is far higher than the $27.5 billion floor that was previously agreed to by the companies, Comcast Chief Executive Officer Brian Roberts has said.

“The company is way more valuable today than it was then,” Roberts said at a Goldman Sachs conference in September.

Bob Iger, who returned as Disney CEO last November, is working on integrating Hulu into the company’s flagship Disney+ streaming service.

He’s also considering shedding legacy assets including Disney’s linear networks and has said he’s open to selling a minority stake in the ESPN sports division.