The Walt Disney Co. announced a “strategic reorganization” of its businesses on Wednesday that “more closely aligns” with the company’s growth ambitions.The company said in a statement that it will immediately reorganize its businesses into four segments: the newly formed Direct-to-Consumer and International; the combined Parks, Experiences and Consumer Products; Media Networks; and Studio Entertainment.
“We are strategically positioning our businesses for the future, creating a more effective, global framework to serve consumers worldwide, increase growth, and maximize shareholder value," Bob Iger, chairman and CEO of Disney, said in the statement.
He added that the company will also be combining the management of its direct-to-customer distribution platforms and its technology and international operations to “deliver the entertainment and sports content consumers around the world want most.”
Part of the shuffle, the company said, includes promoting Kevin Mayer, who previously served as Disney’s chief strategy officer, to chairman of the new Direct-to-Consumer and International business segment.
Disney added that its newly created direct-to-consumer sector will include its upcoming Disney-branded streaming service that is expected to launch in late 2019 but has yet to be named. The company added that the new exclusive home subscription service will have a Pay TV window from Disney, Pixar, Marvel and Lucasfilm as well as “an impressive array of original and exclusive series.”
Last December, Disney announced that it has agreed to buy some assets of 21st Century Fox, the parent company of FOX Business.