⁍ Disney said it would manage media and entertainment programming under three separate groups.

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⁍ The move came days after activist investor Daniel Loeb urged Disney to forgo a dividend.

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⁍ Disney shares rose nearly 5 percent in after-hours trading to $130.76.

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– Disney is spinning off its streaming service, Disney+, as part of a major overhaul of its media business. The company said Monday that the streaming service, along with ESPN and ABC’s streaming service, will be combined under a new division called Disney Studios, reports the Wall Street Journal. The studio will include production of movies and shows for Disney+, as well as sales and marketing of those movies and shows. It will also include consumer products, games, and publishing. Daniel Loeb’s Third Point LLC, which owns a 4.6% stake in Disney, has urged the company to boost investment in Disney+ and other streaming services. Disney shares rose almost 5% in after-hours trading after the company announced the restructuring, Reuters reports. (The Walt Disney Co is cutting its annual dividend for the first time in more than 30 years.) (The Walt Disney Co is spinning off its streaming service, Disney+, as part of a major overhaul of its media business. The company said Monday that the streaming service, along with ESPN and ABC’s streaming service, will be combined under a new division called Disney Studios, reports the Journal. It will manage media and entertainment programming under three separate groups—studios, general entertainment and sports, and distribution and commercialization—and concentrate distribution and commercialization under a global unit. (The Walt Disney Co is cutting its annual dividend for the first time in more than 30 years.)