Disney is once again reshaping and changing the name of a division. “Time for another transformation,” announced the group CEO Bob Iger on February 8 to Wall Street investors.
The new structure will include Disney’s linear television networks and its streaming video services. Since the launch in 2019 of streaming platform Disney+ the company has lost about $10 billion.
From now on the Disney Media and Entertainment Distribution (DMED) will be known as Disney Entertainment and content executives will have the authority on how to market and distribute their titles.
Iger’s transformation also includes the elimination of 7,000 jobs (bringing the total workforce to 213,000 employees), $5.5 billion in cost cutting, and restoring Disney’s shareholder dividends.
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