(Reuters) – Walt Disney Co said on Monday it had restructured its media and entertainment businesses to accelerate growth of Disney+ and other streaming media efforts that are rising in popularity with consumers.
Disney said it would manage media and entertainment programming under three separate groups – studios, general entertainment and sports — and concentrate distribution and commercialization under a global unit.
The move came days after activist investor Daniel Loeb urged Disney to forgo a dividend payment and double its programming investment in streaming.
Disney shares rose nearly 5 percent in after-hours trading to $130.76.
Kareem Daniel, formerly president of consumer products, games and publishing, will oversee Disney’s new media and entertainment distribution group, the company said.