Disney is set to overhaul its entertainment business with focus on streaming

Disney is set to overhaul its entertainment business with a focus on streaming. (Ivan Marc/Shutterstock via CNN)

Disney announced a major reorganization of its media and entertainment business on Monday to "further accelerate" its streaming 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," Bob Chapek, Disney CEO, said in a statement. "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."

This story is developing and will be updated.