Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Disney

Disney shares were up nearly 5% in after-hours trading Monday after the entertainment giant announced it would be shifting its entertainment strategy to have streaming be its "primary focus."

Why it matters: The company is facing investor pressure to invest more in streaming, its strongest-performing sector. Its other business lines, like movies, parks and cable, are being heavily impacted by the pandemic.

Details: The company will rearrange its structure to focus on developing and producing original content for its streaming services (Disney+, Hulu and ESPN+), as well as for its legacy TV networks.

  • The new Media and Entertainment Distribution group will be headed by Kareem Daniel, formerly president of Disney's Consumer Products, Games and Publishing division.
  • The three groups that will produce content for linear, TV and film will be Studios, General Entertainment and Sports. Leaders of those groups, as well as Daniel, will report directly to Bob Chapek, CEO of Disney.
  • Studios will be led by Alan F. Horn and Alan Bergman, co-chairmen of Walt Disney Studios. Their new titles will be chairmen, Studios Content.
  • General Entertainment will be led by Peter Rice, who came to Disney through its acquisition of most of 21st Century Fox in 2019. His new title will be chairman, General Entertainment Content
  • Sports will be led by ESPN president Jimmy Pitaro. His new title will be chairman, ESPN and Sports Content.

Between the lines: With the announcement, Disney says that the company's parks and resorts division will remain the same and that its streaming and international division will be led by Rebecca Campbell, who will serve as chairman.

The big picture: Prior to the pandemic, Disney's business was soaring. But now, the company's movies, parks and resorts and cable businesses are facing some of the strongest pandemic-related headwinds in the entertainment industry.

  • The company recently laid off 28,000 people at its theme parks and experiences and consumer products divisions as a result of park closures in California and partial reopenings around the world.
  • Its blockbuster live-action remake of the Disney classic "Mulan" was made available to Disney streaming subscribers last month due to paltry theater attendance and closed venues, but the company never revealed how it fared with streaming. Future films, like its new Pixar animated series "Soul," will also debut via streaming.
  • Advertising revenues from its cable networks continue to experience declines due to pandemic-related pressure to the advertising market.

Go deeper

Dec 16, 2020 - Economy & Business

Roku and AT&T reach agreement to distribute HBO Max

Photo Illustration: Igor Golovniov/SOPA Images/LightRocket via Getty Images

After a months-long battle, Roku and AT&T have finally reached an agreement to distribute AT&T's streaming service HBO Max.

Why it matters: Until now, Roku was the only TV platform that did not carry HBO Max. AT&T struck a deal to distribute HBO's on-demand subscription video service on Amazon Fire devices and Prime Video channels in November.

McConnell, McCarthy say 2017 tax law is "red line" in infrastructure talks

The top Republicans in the House and Senate told reporters after meeting with President Biden at the White House that "there is a bipartisan desire to get an outcome" on an infrastructure package, but stressed that revisiting the 2017 tax cuts is a "red line."

Why it matters: Wednesday marked the first time that Biden has hosted Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Kevin McCarthy (R-Calif.) at the White House.

McCarthy: "I don't think anybody is questioning the legitimacy" of Biden's win

House Minority Leader Kevin McCarthy (R-Calif.) was asked Wednesday whether he was concerned about elevating Rep. Elise Stefanik (R-N.Y.) to GOP leadership after she has promoted baseless claims about the election. He responded: "I don't think anybody is questioning the legitimacy of the presidential election."

Why it matters: Rep. Liz Cheney (R-Wyo.) was ousted as House GOP conference chair earlier Wednesday — in a vote that McCarthy supported — over her continued criticisms of former President Trump and his lies about election fraud.