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Tuesday, May 30, 2023

Disney-ABC Exec to Leave Company

Bruce Rosenblum, president of business operations for Disney-ABC TV Group, will leave the company at the end of this month, according to an internal memo sent by Disney-ABC President Ben Sherwood. Rosenblum’s departure comes as the Burbank company is restructuring its operations to prepare for the rollout of a new streaming service aimed at competing with on-demand video platforms such as Netflix and Amazon Prime. “As you are all aware, (the Walt Disney Co.) recently announced the creation of a new Direct-to-Consumer & International division – consolidating business operational areas across the company under one unit,” Sherwood wrote in the memo. “While this restructure is vital to the company’s future, one implication is that many of Bruce Rosenblum’s responsibilities have been dispersed within the company. After a number of conversations about other possible roles within Disney ABC, I am sorry to share that Bruce has decided to depart the company at the end of May.” Rosenblum took on his role at Disney Co in 2016. A longtime TV executive, he served as president of Legendary Television and Digital Media before joining Disney and, earlier, as president of Warner Bros. Television Group from 2005 to 2013. It is unclear if Disney will appoint someone to replace Rosenblum or continue to distribute his responsibilities. Disney plans to unveil its new streaming service in the fall of next year. Earlier this year, it launched a streaming a sports app called ESPN+ offering exclusive content and certain pro sports games. In December, company the company struck a $52.4 billion deal to acquire key 21 Century Fox television and film assets, which could be rolled into the new platform along with Disney movies and shows. The acquisition could be stalled, however, as Comcast Corp. is expected to make a competing bid on the Fox assets in the coming weeks. Disney (DIS) shares fell $1.18, or around 1 percent, on Wednesday to close at $102.89 on the New York Stock Exchange.

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