Disney said Monday that it is reorganizing its business units to focus even more on streaming.
The company said in August that its Disney Plus service has more than 60 million subscribers, and subscribers to its main combination of streaming services — Disney Plus, ESPN Plus, and Hulu — top 100 million. It still plans to launch another international streaming service called Star.
The coronavirus pandemic has hit box-office revenue by closing many theaters. Disney has released several major titles on streaming services that would traditionally have appeared at cinemas, like a live-action remake of "Mulan" and the upcoming Pixar film “Soul" that will hit Disney Plus at Christmas. Americans continue to drop their cable subscriptions, affecting the company's TV networks.
So the company is creating three content arms, one each for sports, general entertainment and its studios, which have famous brands including Star Wars and Marvel. Their primary focus will be on making shows and movies for streaming services, Disney CEO Bob Chapek said in a statement. Meanwhile, a new distribution group will centralize how the content is sold and oversee streaming operations.
Disney's are among a slew of new streaming services from tech and entertainment companies — like NBCUniversal's Peacock and WarnerMedia's HBO Max — that are challenging Netflix for consumers' attention and money. Disney Plus is considered one of the most successful so far.
Disney shares rose 5.6% in after-market trading on the news.
The bank said it regrets its involvement with Epstein over the years that he was a JPMorgan client. The settlement must still be approved by the judge in the case.
Billionaire investor turned philanthropist George Soros is ceding control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal published online Sunday.
UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country's two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil.
Gene sequencing test maker Illumina Inc. said Sunday that its board has accepted the resignation of its CEO and director, Francis deSouza, effective immediately.
“Any consumer can tell you that online airline bookings are confusing enough," said William McGee, an aviation expert at the American Economic Liberties Project. "The last thing we need is to roll back an existing protection that provides effective transparency.”
Cheddar News checks in to see what to look out for Next Week on the Street as former president Donald Trump makes an appearance in federal court after being indicted. Investors will also keep an eye on the Federal Reserve meeting to see what comes out of that while earnings continue to pour in.
