Walt Disney Company is restructuring its operations to prioritize streaming as the pandemic reshuffles the entertainment industry.

With the new structure, there will be three content groups: movies, sports and general entertainment such as television shows. Another arm will determine on which platforms content will be distributed.

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COVID-19 has so far vaporized $1.4 billion of Disney's operating income, the media giant reported in its second-quarter earnings statement.

The bulk of it: A $1 billion loss from the entertainment giant's parks, experiences and products segment, as Disney has had to close its theme parks and retail stores and suspend cruises and tours because of the novel coronavirus. Overall earnings per share fell 63% year-on-year, a stark difference from what investors have come to expect from most Disney earnings periods. The company also announced that it will forego its semiannual dividend in July, which it estimated will save over $1 billion.

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Bob Iger may be stepping down from his official role as CEO at The Walt Disney Co. but he vowed to Wall Street analysts that he won't relinquish his involvement in the media giant's evolving business efforts.

Iger helmed Disney for 15 years, pivoting from its focus on park operations and legacy media to tech investments and direct-to-consumer offerings. He now plans to stay on as executive chairman and continue to direct the company's "creative endeavors" while also leading its board through the end of his contract next year.

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