Walt Disney Shares Moving Higher Following Reorganization News
October 12 2020 - 5:55PM
Dow Jones News
By Stephen Nakrosis
Shares of Walt Disney Co. are trading higher after hours Monday,
following news the company will reorganize its media and
entertainment businesses.
At 5:14 p.m. EDT, the company's shares were trading 5.62% higher
at $131.99. Volume at the time topped 1.5 million shares.
The company's stock finished the day's regular-trading session
with a 0.01% loss, closing at $124.97 a share.
Year to date, Walt Disney shares are down more than 13%.
The company said its decision was made "in light of the
tremendous success achieved to date in the company's
direct-to-consumer business and to further accelerate its DTC
strategy."
The company's "creative engines will focus on developing and
producing original content for the company's streaming services, as
well as for legacy platforms, while distribution and
commercialization activities will be centralized into a single,
global Media and Entertainment Distribution organization," Walt
Disney Co. said.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 12, 2020 17:40 ET (21:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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