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Investing.com – Disney detailed plans late Monday to reorganize its media and entertainment business as the company seeks to ramp-up growth in the direct to consumer market.
Walt Disney Company (NYSE:DIS) was up more than 3% in after-hours trading.
The new media and entertainment distribution group, which will be responsible for all monetization of content—both distribution and ad sales—and will oversee operations of the company’s streaming services, the announcement said.
Under the new structure, the company’s three content groups – studios, general entertainment and sports – will be responsible and accountable for producing and delivering content for theatrical, linear and streaming, with the primary focus on streaming services.
The new distribution group would headed by Kareem Daniel, the former president of games and publishing in the company’s consumer products group.
The company also said it would host a virtual investor day on December 10.
“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 Bob Chapek, chief executive officer. “Managing content creation distinct from distribution will allow us to be more effective and nimble in making the content consumers want most, delivered in the way they prefer to consume it.”
