Veteran Disney executive Kevin Mayer has been named chairman of the new direct-to-consumer and global business segment.
One new group, parks and consumer, represents two of Disney's biggest businesses, while the other points to where Iger sees the future of TV - in online programming going directly to consumers' livingrooms and smartphones. Chapek was said to have had an impressive record of success at both Parks & Resorts and in the Consumer Products operations. All in all, Walt Disney Company is setting itself up into four broader business segments.
Mayer will head efforts around Disney's upcoming OTT products - ESPN+ and a Disney-branded streaming service, which looks to compete with Netflix and Amazon.More news: Free for all in Gujarat Assembly
Walt Disney announced a reorganization on Wednesday that will create a new direct-to-consumer and global unit as the entertainment company adapts to a rapid shift toward online and mobile viewing.
ESPN+, a standalone streaming service, will start later this year at $4.99 a month. Disney maintains that this venue will become the exclusive home for subscription video-on-demand of the newest live-action and animated movies in the Pay TV window from Disney, Pixar, Marvel and Lucasfilm.
Media networks and the movie studio will remain separate units, Disney said.More news: Minor League Baseball to place runner on base in extra innings
"Kevin is a proven leader who has played a critical role in bringing together the collection of creative and technological assets that will allow Disney to offer unparalleled entertainment experiences in a direct-to-consumer future", Disney CEO Bob Iger said in a statement.
Senior Vice President Agnes Chu, who is overseeing programming for the Disney-branded service that will launch in late 2019, will move to the direct-to-consumer and worldwide segment. Disney shares were up 0.4% at $104.14, when the Dow was down 242 points at 24,764 and when the S&P 500 was down nearly 15 points at 2,749.82.More news: Wright City schools on lockdown after shooting rumor; two under observation
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