10/12, 10:21 PM (Source: TeleTrader)
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Disney makes streaming primary focus

The Walt Disney Company will make streaming its primary focus as it restructures its media and entertainment business, the firm announced on Monday.

Because of Disney+'s "rapid success" the company said that it wants to speed up its direct-to-consumer strategy. To respond to demand, Disney is launching three new content creation groups which will separately focus on studios, general entertainment and sports.

Disney also named a new chairman of its new media and entertainment distribution organization, Kareem Daniel. The organization will centralize distribution and commercialization activities. Meanwhile, streaming services, which will be within the media and entertainment business will be led by Rebecca Campbell.

Following the announcement, Disney shares jumped 4.02% in after-hours trading.

Breaking the News / VP