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Disney stock rose as much as 5% in pre-market trading on Tuesday, after the media giant signaled a greater focus on streaming.
The company’s creative teams will produce more content for Disney+ and its other video-streaming services, while its distribution and commercialization teams will be combined into a single, global organization.
Disney+ passed 60.5 million subscribers in early August, less than nine months after its US launch.
Billionaire investor Dan Loeb wrote to Disney CEO Bob Chapek last week to suggest he pour more resources into streaming.
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Disney stock jumped as much as 5% in pre-market trading on Tuesday after the entertainment titan announced it would reorganize its media and entertainment businesses to build on the success of its Disney+ streaming service.
The company’s creative teams will focus on producing content for its streaming services as well as legacy platforms such as cinemas and television networks, it said in a press release on Monday.
Disney will also centralize its distribution and commercialization teams into one organization, which will oversee its streaming services and handle both distribution and advertising sales.
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Source:: Businessinsider – Finance