Disney promotes Hulu chief Joe Earley to lead its streaming business

Disney promotes Hulu chief Joe Earley to lead its streaming business

Disney promotes Hulu chief Joe Earley to lead its streaming business

Walt Disney has 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 will report to Dana Walden and Alan Bergman, the co-presidents of Disney’s entertainment division, the company said in a statement Wednesday. Earley succeeds Michael Paull, who will be leaving Disney after six years.

CEO Bob Iger, who joined Disney in November with a mandate to improve returns, restructured the company, restoring authority to creative executives while cutting costs. The initiatives are expected to save Disney $5.5 billion (about Rs. 45,064 crore), in part from cutting 7,000 jobs.

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 lead that service until a full-time director is appointed.

“Joe has proven to be an extraordinary asset and is uniquely positioned for this role as we guide Disney’s streaming strategy going forward,” Bergman and Walden said in the statement.

Disney has agreed to buy Comcast’s one-third stake in Hulu next year in a deal that would value the company at $27.5 billion (around Rs. 2,25,285 crore) or more. However, Iger recently suggested he might sell the operation. Disney has appointed the Goldman Sachs Group to advise it on its options.

Streaming is a mainstay of Disney’s future as cable TV revenues shrink. As investors urge media companies to boost streaming returns, Iger is aiming for the company to break even as early as next year.

Iger returned to lead Disney after a quarterly loss of $1.47 billion (roughly Rs 12,043 crore) in the company’s streaming business precipitated the ousting of his hand-picked successor. , Bob Chapek.

© 2023 Bloomberg LP

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