In October $2020,$ Disney announced a strategic reorganization of media and entertainment businesses to accelerate the growth of direct$-$to$-$consumer $($DTC$)$ strategy.

$$Given the incredible success of Disney$+$ and our plans to accelerate our direct$-$to$-$consumer business, we are strategically positioning our company to more effectively support our growth strategy and increase shareholder value,$$ Chapek $($the CEO of Disney$)$ said in a statement announcing the reorganization. $$Managing content creation distinct from distribution will allow us to be more effective and nimble in making the content consumers want most, delivered in the way they prefer to consume it$.$

$$ The Studios segment