The Walt Disney Company issues statement fully outlining details of its strategic restructuring

Feb 09, 2023 in "The Walt Disney Company"

Posted: Thursday February 9, 2023 1:46pm ET by WDWMAGIC Staff

Following yesterday's news of Disney's restructuring, cost savings, and job losses, the company has issued a statement outlining the planned changes and an overview of the new company structure.

Here is the statement in full:

The Walt Disney Company today 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."

Bergman and 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.

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Tha RealestJun 19, 2023

Taps sign.

LSLSJun 14, 2023

Agree with that, I liked Chelios

HauntedPirateJun 14, 2023

Now that is less than desirable, let’s say. I can’t stand that either. But losing Chelios is not good for ESPN’s hockey coverage. And I rarely have to care because the Wild are so infrequently on those two stations… 😂

LSLSJun 14, 2023

Tnt is awful. Having guys openly cheering for teams during intermission is beyond obnoxious. Admittedly I don't watch ESPN either, but I legit won't watch my teams if they are on TNT at this point.

HauntedMansionFLAJun 13, 2023

They got rid of their whole floral department and is going with a third party.

DisorbustJun 13, 2023

Just checked and nothing from Florida and I know they did layoffs.

HauntedPirateJun 13, 2023

TNT's studio staff blows away ESPN's. I'm not a huge fan of one or two of them, but when you have the Great One *and* King Henrik together? Good golly Miss Molly.

DCBakerJun 13, 2023

A few WARN notices have started to appear.

SirwalterraleighJun 11, 2023

Here’s something to keep an eye on too… It’s only the beginning

SirwalterraleighJun 06, 2023

I have no problem with chelios…he’s just a victim of ESPN half heartedly trying to cover hockey. I don’t know why they bother to try? Really poor quality. Ferraro makes excuses for headshots over and over again. He’s as useless as an announcer as he was a player. No tears there

LSLSJun 06, 2023

But they kept levy and messier? I really hope they don't try to become as unwatchable as tnt

TraumaJun 06, 2023

Sucks Chris is a friend of mine. Well actually my wife is friends with his wife. Money isn’t an issue he just loves Hockey and has to be as involved as possible.

SirwalterraleighJun 06, 2023

Who wants a park and a character breakfast??

some other guyJun 06, 2023