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In a major announcement, Walt Disney CEO Bob Chapek declared that they will shut down 100 cable channels by this year and will shift the focus to Disney+, as their Direct to Consumer story is gaining momentum. The company had closed 30 channels last year.
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“We closed 30 channels in fiscal year 2020 or in 2020. We plan to close 100 in 2021,” said Chapek, who was speaking at JPMorgan’s annual Global Technology, Media, and Telecommunications Conference. “We’ll continue to migrate [content] to Disney+, the great majority of that content will migrate to Disney+,” he added. Chapek didn’t make it clear which channels are going to shut.