- Seemingly absorbing some growing advice from industry pros, Walt Disney (NYSE:DIS) is announcing a major reorganization where it will be making streaming its "primary focus" for entertainment.
- Shares are up 3.1% after hours.
- The company will rearrange its media and entertainment divisions into a single organization responsible for content distribution, ad sales, and Disney Plus.
- The new distribution group will be overseen by Kareem Daniel, the former president of games/publishing in the company's consumer products group.
- "Under the new structure, Disney’s world-class creative engines will focus on developing and producing original content for the Company’s streaming services, as well as for legacy platforms, while distribution and commercialization activities will be centralized into a single, global Media and Entertainment Distribution organization," the company says.
- The creation of content will be managed in three distinct groups - Studios, General Entertainment, and Sports - headed by current leaders Alan F. Horn and Alan Bergman, Peter Rice, and James Pitaro respectively.
- Parks, Experiences and Products will continue to be led by Josh D’Amaro, who will still report directly to CEO Bob Chapek.
- The Direct-to-Consumer and International business - created not that long ago itself - will no longer be managed on a combined basis.
- It's also set a virtual investor day for Dec. 10.
- Previously: More from Third Point's Dan Loeb to Disney: Move more blockbusters to streaming (Oct. 07 2020)