Walt Disney Co. has restructured its business units, including folding consumer products into its theme park business.
The Burbank entertainment and media giant has also created a new direct-to-consumer and international business unit to serve as a global distribution organization for content created by Disney’s studio entertainment and media networks groups.
Chief Executive Robert Iger said the company was taking these steps to position its businesses for the future and create a more effective, global framework to serve consumers worldwide.
“We are combining the management of our direct-to-consumer distribution platforms, technology and international operations to deliver the entertainment and sports content consumers around the world want most, with more choice, personalization and convenience than ever before,” Iger said in a statement.
Chief Strategy Officer Kevin Mayer was named chairman of the new direct-to-consumer and international business segment. That segment will include the new upcoming Disney-branded streaming service and the ESPN+ streaming service.
Bob Chapek, chairman of parks and resorts, takes on the additional responsibilities of overseeing the consumer products operations that include the licensing business across toys, apparel, home goods, and digital games and apps; Disney store locations around the world; and the shopDisney e-commerce platform.
“Having worked with the exceptional teams at both Parks and Resorts and Consumer Products, I know this combination of incredible skills and resources will lead to a whole host of new creative ideas for high-quality products and experiences to delight our guests,” Chapek said in a statement.
Shares of Disney (DIS) closed Wednesday up 17 cents, or a fraction of a percent, to $103.90 on the New York Stock Exchange.