Disney has announced a significant restructuring of its media and entertainment business, boldly placing most of its growth ambitions and investments into its recently launched streaming service, Disney+. The 97-year-old media conglomerate is now more like Netflix than ever before.

What this means is that Disney will be reducing its focus from (and potentially the investments routed to) theme parks, cruises, cinema releases, and cable TV. As CEO Bob Chapek says: “Given the incredible success of Disney+ and our plans to accelerate our direct-to-consumer business, we are strategically positioning our company to more effectively support our growth strategy and increase shareholder value.”

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