He'll report to Dana Walden and Alan Bergman, the
co-chairmen of Disney's entertainment division, the company said in a statement
Wednesday. Earley succeeds Michael Paull, who will leave Disney after six
years.
Chief Executive Officer Bob Iger, who rejoined Disney in
November with a mandate to improve returns, has been restructuring the company,
restoring authority to creative executives, while also reducing costs. The
initiatives are expected to save Disney $5.5 billion, in part through the
elimination of 7,000 positions.
Earley joined the company in 2019, overseeing marketing for
the launch of the Disney+ service. He was elevated to president of Hulu last
year and will continue to run that service until a full-time manager is appointed.
“Joe has proven himself to be an extraordinary asset and is
uniquely positioned for this role as we guide Disney's streaming strategy into
the future,” Bergman and Walden said in the statement.
Disney agreed to buy Comcast's one-third stake in Hulu next
year in a deal that would value that business at $27.5 billion or more. Iger
has recently suggested he might sell the operation, however. Disney appointed
Goldman Sachs Group to advise on its options.
Streaming is one of the pillars of Disney's future as
revenue from cable television declines. With investors pressing media companies
to boost the returns from streaming, Iger is aiming for that business to break
even as early as next year.
Iger returned to lead Disney after a $1.47 billion quarterly
loss in the company's streaming business precipitated the ouster of his
hand-picked successor, Bob Chapek. © Bloomberg