Less than a week after hedge fund manager Dan Loeb called on Walt Disney (NYSE: DIS) to put more money into streaming, the entertainment giant is doing just that.
Disney announced after hours on Monday that it would restructure its media and entertainment business to prioritize streaming , a transition it said had been in the works for months despite Loeb's open letter to CEO Bob Chapek last week. Disney's streaming business had previously been contained under the direct-to-consumer and international business segment, while its media networks and studio entertainment segments operated as they always had.
Image source: Disney.
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Disney Sharpens Its Focus on Streaming