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.

Go deeper:

Go deeper

Ben Geman, author of Generate
16 mins ago - Economy & Business

GM dives full-throttle into electric

GMC Hummer EV. Photo courtesy of General Motors

What has LeBron James as a pitchman, some slightly awkward promotional phrasing ("watts to freedom"), and a six-figure starting price? The electric GMC Hummer.

Driving the news: General Motors unveiled the vehicle — a reborn version of the deceased mega-guzzler — with a highly produced rollout Tuesday night that included a World Series spot. The company also began taking reservations.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: Studies show drop in COVID death rate — The next wave is gaining steam — The overwhelming aftershocks of the pandemic.
  4. Education: Schools haven't become hotspots.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

CEO confidence skyrockets on expectations of layoffs and wage cuts

U.S. consumers remain uncertain about the economic environment but CEOs are feeling incredibly confident, the latest survey from the Conference Board shows.

Why it matters: Confidence among chief executives jumped 19 points from its last reading in July, rising above the 50-point threshold that reflects more positive than negative responses for the first time since 2018.