New York (CNN Business) If there was any question that Disney+ is the center of Disney's media empire, the company took away all doubt on Monday. Disney announced a major reorganization of its media and entertainment business on Monday to "further accelerate" its streaming strategyThe company's stock was up about 5% in after hours trading following the news. "This is further proof that the direct to consumer model is not only well received, but more critical than ever to Disney's future," said Trip Miller, a Disney investor and managing partner at hedge fund Gullane Capital Partners. "These moves will not only result in higher quality content, and focused distribution, but allow the company to streamline corporate complexity and hopefully lower expenses." Miller also said that this move will allow Disney to further monetize in demand content and possibly "make up for revenue and profit lost in other divisions this year."

Source: CNN October 12, 2020 20:26 UTC