Disney re-organizing several businesses under two senior execs

Disney re-organizing several businesses under two senior execs

Iger, Disney's chief executive, did not mention Disney's pending $52.4 billion acquisition of various Fox businesses, which still must receive government approval, in Wednesday's announcement. Mayer will report to Disney CEO Bob Iger.

According to Disney's release, the new structure will consolidate its Direct-to-Consumer Services unit and the Technology and International Media operations into a single global business.

The company's advertising operations will also move out of the media networks division and be managed by the new direct-to-consumer segment.

Photo Disney promoted two executives: Kevin Mayer, left, will head a new division that includes TV and streaming services; and Robert Chapek will oversee theme parks, consumer products, video games and other units.

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"I want to thank Bob for giving me the opportunity to lead the talented teams who, through the power of new technology and innovation, are creating the future of entertainment viewing", Mayer said in a statement. The company plans to launch its ESPN direct-to-consumer offering, the company's first, later this year.

If the Fox deal wins approval, Disney also will expand its programming portfolio and global reach, plus own a majority stake in the Hulu streaming service.

Disney's business segments going forward are the newly formed direct-to-consumer and worldwide; the combined parks, experiences and consumer products; media networks; and studio entertainment. Disney maintains that this venue will become the exclusive home for subscription video-on-demand of the newest live-action and animated movies in the Pay TV window from Disney, Pixar, Marvel and Lucasfilm.

The company is responding with its own digital push. Rounding out Disney's streaming portfolio will be Hulu, an established service that focuses on older viewers with programming that includes ABC shows.