Disney announced a major restructuring of its media and entertainment divisions, which will focus the company's resources on streaming content. A single organization will now oversee all of Disney's media businesses, including content distribution, ad sales, and the Disney+ service.
- On CNBC's "Closing Bell," CEO Bob Chapek explained that the pandemic was not solely responsible for the decision, but merely "accelerated the rate at which we made this transition."
- The company may also adjust upcoming dividend payouts in order to fund the production of new streaming content, dependent on how the board of directors votes.
- The new media and entertainment distribution group will be overseen by former consumer products president Kareem Daniel.