Peter

Peter from Wolfe Research asked for clarification on how the new entertainment segment disclosure aligns with Disney's future business management philosophy and what benefits it offers in terms of communication and operational insight.

Answer

CFO Hugh Johnston explained that the change reflects how Disney manages its entertainment business as a single entity, viewing the separation of linear networks, streaming, and theatrical as overly complex and not reflective of consumer behavior or content distribution. He stated that content is created and distributed across all channels, making the previous level of nuance less relevant and less informative to investors.