The Walt Disney Company has completed a strategic reorganization that divides its businesses into four divisions, including one that combines parks, resorts, experiences and consumer products.

The division will "become the hub where Disney's stories, characters and franchises come to life," the company said in a statement. "By uniting Disney's consumer products business and Disney Parks' robust retail and e-commerce operations, the company will be able to share resources and best practices to provide consumers with incomparable branded products and retail experiences," Disney stated.

Bob Chapek, chairman of Walt Disney Parks and Resorts, assumed the additional responsibility of overseeing all of Disney's consumer-products operations, including licensing and Disney stores. He will continue to report directly to Disney CEO Bob Iger.

Disney's travel and leisure businesses include six resort destinations in the U.S., Europe and Asia; Disney Cruise Line; Disney Vacation Club; and the Adventures by Disney tour operator.

The reorganization also created a direct-to-consumer and international division, a media networks division and a studio entertainment segment.

The new direct-to-consumer and international segment will serve as a global, multiplatform media, technology and distribution network for Disney's studio entertainment and media networks content.

The other two divisions will remain much as they were. Disney will transition to financial reporting under the new structure by the beginning of fiscal 2019.

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