The Walt Disney Company is merging its consumer products and parks and experiences divisions in a structural overhaul as it prepares to complete its $52.4 billion acquisition of Fox assets.
As part of a comprehensive reorganisation, the company will consolidate its direct to consumer businesses, including its forthcoming streaming services, technology and international media operations into a single division.
Disney’s chief strategy officer, Kevin Mayer will lead the new group as chairman.
The changes mean the breakup of the Disney Consumer Products and Interactive division that was first established in 2015 through the merger of the consumer products and interactive business.
As part of the reorganisation, parks and resorts chair, Bob Chapek will add consumer products to his remit and will become chairman of a new Walt Disney Parks, Experiences and Consumer Products business.
“we are strategically positioning our business for the future, creating a more effective, global framework to serve consumers worldwide, increase growth, and maximise shareholders value,” said Disney CEO, Bob Iger.
Mayer’s newly created direct to consumer and international segment will comprise the global, multiplatform distribution of content produced through Disney’s Studio Entertainment and Media Networks group. It will include both ESPN and Disney’s upcoming streaming service, as well as Disney’s ownership stake in Hulu.
Reporting to Mayer will be VP Agnes Chu, who will continue to oversee programming for the Disney streaming service, which is expected to feature stories from across Marvel, Pixar and Lucasfilm.
“Having worked with the exceptional teams at both parks and resorts and consumer products, I know this combination of incredible skills and resources will lead to a whole host of new creative ideas for high-quality products and experiences to delight our guests,” said Chapek.
Iger added that Chapek “is the perfect leader to run these combined teams.”