The Walt Disney Company announced details of its strategic
restructuring that will refocus the organization on creativity,
empower creative leaders and ensure they are accountable for all
aspects of their businesses globally, and put the company’s
streaming business on a path to sustained growth and profitability.
Effective immediately, the company will be organized into three
core, collaborative business segments: Disney Entertainment, ESPN,
and Disney Parks, Experiences and Products. The leaders of each
business segment will have full operational control and financial
responsibility for creative development, marketing, technology,
sales, and distribution, and will be accountable for driving
business efficiencies globally.
“For nearly 100 years, storytelling and creativity have fueled
The Walt Disney Company, with virtually every interaction we have
with our consumers emanating from something creative,” said Robert
A. Iger, Chief Executive Officer, The Walt Disney Company. “I am
committed to positioning this company for a new era of growth. Our
strategic restructuring will return creativity to the center of the
company, increase accountability, improve results, and ensure the
quality of our content and experiences.”
Disney Entertainment will be co-chaired by Alan Bergman and Dana
Walden who will be responsible for the company’s full portfolio of
entertainment media and content businesses globally, including
streaming.
ESPN will include ESPN networks and ESPN+ and will be led by
Jimmy Pitaro. Pitaro will also be responsible for the management
and supervision of the company’s full portfolio of sports content,
products and experiences across all of Disney’s platforms
worldwide, including its international sports channels.
The streaming business remains a top priority for the company.
Disney’s unparalleled collection of renowned and trusted franchises
and brands, combined with the reach of the streaming portfolio
(consisting of Disney+, ESPN+, Hulu, Star+ and Hotstar) creates
rich and direct connections between the consumer and the company’s
stories and characters, powering growth across the entire
company.
“Every day, I am reminded of what incredible talent we have
leading the many facets of this company,” Iger said. “Thanks to my
management team and our exceptional business leaders, who have
acted quickly and strategically on the important changes we are
undertaking today, I am as encouraged as ever by what the future
holds for The Walt Disney Company.”
Disney Entertainment co-Chairmen Alan Bergman and Dana Walden
will oversee the company’s global entertainment streaming
businesses and manage all content decisions for those services,
including Disney+ and Hulu.
Bergman will also have primary oversight of the following
businesses and content brands: Disney Live Action, Walt Disney
Animation Studios, Pixar Animation Studios, Marvel Studios,
Lucasfilm, 20th Century Studios, and Searchlight Pictures as well
as Disney Music Group and Disney Theatrical Group.
Walden will also have primary oversight of the following
businesses and content brands: ABC Entertainment, ABC News, ABC
Owned Televisions Stations, Disney Branded Television, Disney
Television Studios, Freeform, FX, Hulu Originals, National
Geographic Content, and Onyx Collective.
Pitaro will continue to oversee eight linear networks, including
ESPN and ESPN2; sports content across all Disney domestic and,
going forward, international platforms; ESPN+; ESPN Audio; ESPN
Digital; ESPN Social; ESPN Fantasy and a variety of owned sports
events.
Effective immediately, several shared-service organizations
across the company will support both Disney Entertainment and ESPN,
facilitating company-wide efficiencies and creating a more
cost-effective, coordinated, and streamlined approach to
operations. These include Product and Technology, led by Aaron
LaBerge; Advertising Sales, led by Rita Ferro; and Platform
Distribution led by Justin Connolly excluding Theatrical
Distribution and Music, which will be overseen by Bergman.
Outside of North America, the company’s media, entertainment,
and sports content and operations will continue to be managed
regionally by Luke Kang, President Asia Pacific; Jan Koeppen,
President EMEA; Diego Lerner, President LATAM; and K Madhavan,
President India. These leaders will report to Bergman, Walden, and
Pitaro as part of their global responsibilities. As a result of the
changes, Rebecca Campbell, Chairman, International Content and
Operations, has decided to leave the Company. An esteemed leader
and longtime industry veteran, Campbell will stay on through June
to help with the transition.
Disney Parks, Experiences and Products — encompassing the
company’s award-winning theme parks, cruise line, resort
destinations and Adventures by Disney and National Geographic
Expeditions, as well as Disney’s global consumer products, games,
and publishing businesses — will continue under the leadership of
Chairman Josh D’Amaro.
The organizational changes will be implemented immediately, and
the company will begin reporting financial results under the new
business structure by the end of the fiscal year.
Executive Biographies
Alan Bergman – Co-Chairman, Disney Entertainment Alan
Bergman is Co-Chairman for Disney Entertainment, along with Dana
Walden. Together, they are responsible for The Walt Disney
Company’s full portfolio of entertainment media and content
business globally, including streaming. This includes
accountability for content creation, sales and distribution,
marketing, operations and technology. Bergman was previously
Chairman, Disney Studios Content, responsible for the Studios
division, including Disney Theatrical Productions. Prior to that,
Bergman was Co-Chairman of The Walt Disney Studios from 2019 to
2020, and its President from 2005 to 2019.
Dana Walden – Co-Chairman, Disney Entertainment Dana
Walden is Co-Chairman for Disney Entertainment, along with Alan
Bergman. Together, they are responsible for The Walt Disney
Company’s full portfolio of entertainment media and content
business globally, including streaming. This includes
accountability for content creation, sales and distribution,
marketing, operations and technology. Walden was previously
Chairman of Disney General Entertainment Content, overseeing
original entertainment and news programming for Disney’s streaming
platforms, broadcast and cable networks, in addition to Disney
Televisions Studios and Onyx Collective. Prior to that, Walden
served as Chairman of Entertainment for Walt Disney Television.
Jimmy Pitaro – Chairman, ESPN Jimmy Pitaro is Chairman of
The Walt Disney Company’s ESPN business segment, which includes
ESPN and ESPN+. Pitaro is also responsible for the Company’s full
portfolio of sports content, products and experiences across all of
Disney’s platforms worldwide, including content creation, sports
rights acquisitions, distribution and marketing. Previously, Pitaro
was ESPN President and Co-Chair, Disney Media Networks, after
serving as Chairman of Disney Consumer Products and Interactive
Media, starting in 2016. He joined the Company in 2010 to lead
Disney’s Interactive segment.
Josh D’Amaro – Chairman, Disney Parks, Experiences and
Products Josh D’Amaro is Chairman of Disney Parks, Experiences
and Products, overseeing a global hub consisting of Disney’s iconic
travel and leisure businesses, which include six theme park-resort
destinations in the United States, Europe and Asia; a top-rated
cruise line; a popular vacation ownership program; an award-winning
guided family adventure business; and Disney’s global consumer
products operations. D’Amaro has a 25-year track record with the
company. Previously, D’Amaro had served as President of Disneyland
and then Walt Disney World Resorts.
About The Walt Disney
Company
The Walt Disney Company, together with its subsidiaries, is a
leading diversified international entertainment and media
enterprise. For convenience, the term "Company" is used to refer
collectively to the parent company and the subsidiary companies
through which our various businesses are actually conducted. Disney
is a Dow 30 company and had annual revenues of $82.7 billion in its
Fiscal Year 2022.
Forward-Looking
Statements
Certain statements in this email may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding our future
structure, growth, profitability, positioning, results, creativity,
quality, expenses, targets and other statements that are not
historical in nature. These statements are made on the basis of
management’s views and assumptions regarding future events and
business performance as of the time the statements are made.
Management does not undertake any obligation to update these
statements.
Actual results may differ materially from those expressed or
implied. Such differences may result from actions taken by the
Company, including restructuring or strategic initiatives
(including capital investments, asset acquisitions or dispositions,
new or expanded business lines or cessation of certain operations),
our execution of our business plans (including the content we
create and IP we invest in, our pricing decisions, our cost
structure and our management and other personnel decisions) or
other business decisions, as well as from developments beyond the
Company’s control, including:
- further deterioration in domestic and global economic
conditions;
- deterioration in or pressures from competitive conditions,
including competition to create or acquire content and competition
for talent;
- consumer preferences and acceptance of our content, offerings,
pricing model and price increases and the market for advertising
sales on our DTC services and linear networks;
- health concerns and their impact on our businesses and
productions;
- international, regulatory, legal, political, or military
developments;
- technological developments;
- labor markets and activities;
- adverse weather conditions or natural disasters; and
- availability of content.
Each such risk includes the current and future impacts of, and
may be amplified by, COVID-19 and related mitigation efforts.
Such developments may further affect entertainment, travel and
leisure businesses generally and may, among other things, affect
(or further affect, as applicable):
- our operations, business plans or profitability;
- demand for our products and services;
- the performance of the Company’s content;
- our ability to create or obtain desirable content at or under
the value we assign the content;
- the advertising market for programming;
- income tax expense; and
- performance of some or all Company businesses either directly
or through their impact on those who distribute our products.
Additional factors are set forth in the Company’s Annual Report
on Form 10-K for the year ended October 1, 2022, including under
the captions “Risk Factors,” “Management’s Discussion and Analysis
of Financial Condition and Results of Operations,” and “Business,”
quarterly reports on Form 10-Q, including under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” and subsequent filings with
the Securities and Exchange Commission.
The terms “Company,” “we,” and “our” are used above to refer
collectively to the parent company and the subsidiaries through
which our various businesses are actually conducted.
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version on businesswire.com: https://www.businesswire.com/news/home/20230209005549/en/
Media Contacts: David
Jefferson (818) 560-4832 david.j.jefferson@disney.com
Mike Long (818) 560-4588 mike.p.long@disney.com
Investor Contact: Alexia
Quadrani (818) 560-6601 alexia.quadrani@disney.com
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