Randy Freer. Photo by Dia Dipasupil/Getty Images for Hulu

Hulu CEO Randy Freer is exiting the company, as Disney looks to further consolidate the streaming service into its own streaming department, Disney said in a statement on Friday.

Why it matters: The move is part of a greater integration of 21st Century Fox assets into the Walt Disney Company. Disney purchased most of Fox's entertainment assets last year for $71 billion. In a statement, Disney said that Hulu executives will now report directly into Disney's direct-to-consumer department business leads.

What's they're saying: "With the successful launch of Disney+, we are now focused on the benefits of scale within and across our portfolio of DTC businesses," said Kevin Mayer, chairman, direct-to-consumer & international, The Walt Disney Company.

  • "Further integrating the immensely talented Hulu team into our organization will allow us to more effectively and efficiently deploy resources, rapidly grow our presence outside the U.S. and continue to relentlessly innovate," Mayer said.
  • Hulu has established itself as a leading choice for consumers looking for the best TV service available today, and I am confident Hulu will thrive inside Disney under DTCI’s leadership and resources," Freer said.

What's next: Freer will remain in his role for the next several weeks to help with the integration, per Disney.

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Why it matters: The explosion is likely to accelerate a painful cycle Lebanon was already living through — discontent, economic distress, and emigration.