Walt Disney Studios, Marvel Studios, Pixar Animation Studios, Walt Disney Animation Studios, Lucasfilm, 20th Century Studios and Searchlight Pictures all fall under their purview. Under Horn and Bergman, the studios segment will focus on creating content for theatrical release, Disney+ and Hulu. "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." "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," Chapek said in a statement announcing the reorganization. The company's parks, experiences and products segment will remain under the leadership of Josh D'Amaro, and Rebecca Campbell will remain on as the chairman of direct-to-consumer and international operations. Campbell will report directly to Chapek for all things related to international operations but will report to Daniel when it comes to Disney+, Hulu and ESPN+. We want to make sure that we are going the way the consumers want us to go." Reorganizing Disney's media businessĪlan Horn and Alan Bergman will remain in charge of the company's studios, Peter Rice will continue to head the company's general entertainment group, and James Pitaro will stay as head of the company's sports content.Īll will report directly to CEO Bob Chapek. " are going to lead us," Chapek said on "Closing Bell." "Right now they are voting with their pocketbooks, and they are voting very heavily toward Disney+. It is expected the company will share more details about its performance during its next earnings report in November.ĭaniel will be responsible, in part, for making big decisions about Disney's theatrical and streaming release schedules going forward. It will now arrive on Disney+ in December.Īnalysts are still awaiting word from Disney about how "Mulan" fared after Disney removed it from theatrical release and sold it through Disney+ for $30. In recent months, the company pushed back a number of its theatrical releases including its Marvel blockbuster "Black Widow." The much anticipated Pixar film "Soul" has also been postponed. Ticket sales have been particularly lackluster at domestic cinemas since the industry attempted a large-scale reopening in late August.
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Daniel will hold the reins to all of the company's streaming services and domestic television networks, including all content distribution, sales and advertising.ĭisney is becoming more reliant on Disney+ as movie theaters have been unable to recover after being shuttered in March due to the outbreak. He'll be in charge of making sure streaming becomes profitable, as the company continues to invest heavily in its various streaming products. He will now oversee the new media and entertainment distribution group.
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Disney was forced to lay off around 28,000 workers after it became clear that its Disneyland parks in California would not be reopening soon.Īs part of this reorganization, Disney has promoted Kareem Daniel, the former president of consumer products, games and publishing.
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Loeb told CNBC, "We are pleased to see that Disney is focused on the same opportunity that makes us such enthusiastic shareholders: investing heavily in the DTC business, positioning Disney to thrive in the next era of entertainment."Ĭhapek said the reorganization could result in some reduction of staff, but not likely at the same scale as was seen at the company's parks division last month. Loeb's Third Point Capital is one of Disney's largest shareholders and bought more shares earlier this year in support of Disney's repositioning around Disney+, its flagship subscription streaming service. Only last week, activist investor Dan Loeb called on Chapek to end the company's annual $3 billion dividend to divert more capital to new Disney+ content. Chapek said the board of directors will have the final say on Disney's dividend payouts. "We are tilting the scale pretty dramatically ," Chapek said on "Closing Bell," noting that the company is looking at all investments, including dividends, as it seeks to increase its spend on new content. "I would say Covid accelerated the rate at which we made this transition, but this transition was going to happen anyway." "I would not characterize it as a response to Covid," CEO Bob Chapek told CNBC's Julia Boorstin on "Closing Bell" on Monday. As of August, Disney has 100 million paid subscribers across its streaming offerings, more than half of whom are subscribers to Disney+. The move by Disney comes as the global coronavirus pandemic has crippled its theatrical business and ushered more customers toward its streaming options. Shares of the company jumped more than 5% during after-hours trading following the announcement.