The Walt Disney Co. on Monday announced a restructuring of its media and entertainment businesses to further accelerate its direct-to-consumer strategy.
"Given the incredible success of Disney+ and our plans to accelerate our direct-to-consumer business, we are strategically positioning our company to more effectively support our growth strategy and increase shareholder value", said Disney CEO Bob Chapek in a statement. Under the new structure, the Company's three content groups will be responsible for producing and delivering new content "with the primary focus being the Company's streaming services".
The reorganization means that top leadership at studios, general entertainment and sports remains the same, with Alan Horn and Alan Bergman serving as chairman of studios content, Peter Rice as chairman of general entertainment content and James Pitaro as chairman of ESPN and sports content. Chapek introduced that Daniel will now lead a brand new division as chairman, Media and Leisure Distribution, which incorporates the corporate's streaming providers.
Ahead of the Disney+ launch, the company's then-chief executive, Bob Iger, described his direct-to-consumer strategy as Disney's No. 1 priority. A longtime Disney government, he previously served as the pinnacle of the corporate's Imagineering Operations, taking mental property and turning it into leisure for the huge empire of Disney resorts and theme parks, earlier than taking up the patron merchandise, video games and publishing operations on the firm.
The Burbank entertainment and media giant will be reorganized to focus on developing and producing original content for its streaming services as well as for legacy platforms.
"Kareem is an exceptionally proficient, progressive and forward-looking chief, with a robust monitor report for creating and implementing profitable worldwide content material distribution and commercialization methods", mentioned Chapek.
Chapek concluded by saying that Disney wants to continue giving consumers the option of watching movies in theaters, "But at the same time, there's a lot of consumers that want to experience movies in the safety, comfort, and convenience of their own home".
Disney, owners of the likes of Marvel, Stars Wars Pixar, Indiana Jones, and the massive list of franchises it acquired through the Fox deal like Avatar, Alien, Ice Age, Die Hard, and more, is above and beyond the biggest movie studio on planet Earth. The company's shares have slumped 14% this year, compared with streaming pure-play Netflix Inc.'s 67% surge in the same period.Disney isn't the only traditional media company having issues amid the global pandemic. In matters related to the streaming space, she will report to Daniel.
They will all work with Daniel on marketing and content creation, the company said.
A smartphone with displayed "Disney" logo is seen on the keyboard in front of displayed "Streaming service" words in this illustration taken March 24, 2020.
The company expects to transition to financial reporting under this structure in the first quarter of fiscal 2021. The investor has also called for Disney to redirect its dividend money toward streaming, but the company already suspended the payout in July and hasn't committed to future ones.
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