The streaming service Hulu, which has gained clout thanks to shows like “The Handmaid’s Tale,” is now worth about US$8.7 billion. But that remains a small fraction of Netflix Inc.’s (NFLX.O) value.

Walt Disney Co. (DIS.N) laid out the valuation of Hulu as part of a filing Wednesday about its planned merger with 21st Century Fox Inc (FOXA.O). Disney is buying most of Fox’s entertainment assets in a $52.4 billion all-stock deal, which would include taking control of Hulu.

Gauging the worth of the streaming service has been a fixation of the entertainment industry, especially as Netflix’s market capitalization has climbed into the stratosphere. Time Warner Inc. bought a 10 per cent stake in Hulu for US$583 million in 2016, pegging the business at less than $6 billion.

But if Hulu were valued in the same manner as Netflix, it would carry a much higher price, according to Bloomberg Intelligence. If Hulu had Netflix’s multiple of US$1,217 per subscriber, it would be worth US$20.7 billion, analysts Geetha Ranganathan and Paul Sweeney said in a report last month. But given Hulu’s limited prospects in overseas markets, that number is probably unrealistic, they said.

Disney says its current 30 percent stake in Hulu is worth US$2.3 billion. Besides Time Warner’s 10 per cent stake, Fox and Comcast Corp. each own 30 per cent apiece. If the Fox deal goes through, Burbank, California-based Disney will end up with 60 per cent -- a controlling stake that merits an additional US$1.1 billion in value, according to the filing.

Netflix, meanwhile, remains the world’s largest paid online TV network. After reporting record first-quarter subscriber growth and a 40 per cent jump in sales, its market value surpassed US$145 billion -- bringing it within US$7 billion of Disney itself.