Walt Disney named Joe Earley as president of its direct-to-consumer business, a critical role that includes responsibility for the company’s flagship Disney+ and Hulu streaming services.
He’ll report to Dana Walden and Alan Bergman, the co-chairmen of Disney’s entertainment division, the company said in a statement Wednesday. Earley succeeds Michael Paull, who will leave Disney after six years.
Chief Executive Officer Bob Iger, who rejoined Disney in November with a mandate to improve returns, has been restructuring the company, restoring authority to creative executives, while also reducing costs. The initiatives are expected to save Disney $5.5 billion (about Rs. 45,064 crore), in part through the elimination of 7,000 positions.
Earley joined the company in 2019, overseeing marketing for the launch of the Disney+ service. He was elevated to president of Hulu last year and will continue to run that service until a full-time manager is appointed.
“Joe has proven himself to be an extraordinary asset and is uniquely positioned for this role as we guide Disney’s streaming strategy into the future,” Bergman and Walden said in the statement.
Disney agreed to buy Comcast’s one-third stake in Hulu next year in a deal that would value that business at $27.5 billion (about Rs. 2,25,285 crore) or more. Iger has recently suggested he might sell the operation, however. Disney appointed Goldman Sachs Group to advise on its options.
Streaming is one of the pillars of Disney’s future as revenue from cable television declines. With investors pressing media companies to boost the returns from streaming, Iger is aiming for that business to break even as early as next year.
Iger returned to lead Disney after a $1.47 billion (about Rs. 12,043 crore) quarterly loss in the company’s streaming business precipitated the ouster of his hand-picked successor, Bob Chapek.
© 2023 Bloomberg LP