Disney CEO Bob Iger announced that the Walt Disney Company has restructured (again) to focus on three segments: Disney Entertainment, ESPN, and Disney Parks and Experiences.
Alan Bergman and Dana Walden will co-chair Disney Entertainment. Jimmy Pitaro will lead ESPN, that will include ESPN, ESPN+ and International spots. Josh D’Amaro will continue to lead the Parks and Experiences division.
Iger also stated that creative teams will determine content, distribution, monetization and marketing.
“Moving forward our creative teams will determine what content we are making, how it is distributed and monetized and how it gets marketed. Imagine costs, maximizing revenue and driving growth being produced will be their responsibility. Under our strategically organization there will be three core business segments: Disney entertainment, ESPN and Disney parks experiences and products.”
The new structure is effective immediately and reports on the new structure should start to happen by the end of fiscal 2023 (September 30, 2023.) The goal is to reduce costs and improve profitability.
“The work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders.”
But Iger did mention that dividends for shareholders would return in 2023. Likely in response to the heat put on them from Nelson Peltz.
Unfortunately, in the $5.5 billion the company wants to save during this year, 7,000 jobs will be cut.
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