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Anyone who thought Netflix's recent slowdown in subscriber growth could open up a path for Disney to make some headway in the streaming war should think again. All eyes were on Disney Plus during Thursday's earnings call, and the streaming service badly underperformed Wall Street estimates for quarterly subscriber growth.

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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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