The Walt Disney Co. said Thursday it is restructuring the Disney-ABC Television group, by merging ABC Entertainment and ABC Studios, according to media reports.
The new unit will be called ABC Entertainment Group, and will be managed by Stephen McPherson, who was president of the former ABC Entertainment unit, according to Reuters.
Mark Pedow, the president of the former ABC Studios, will serve as senior advisor to the co-chairman. He will work alongside Anne Sweeney, co-chairman of Disney Media Networks and president of the Disney-ABC Television Group.
The reports are conflicting as to whether the restructuring will lead to job cuts. Reuters reported that no job cuts occur, while Variety says that the merger will result in some executive layoffs.
On Wednesday, Disney sent voluntary buyout offers to 600 executives at its domestic theme parks to cut costs as the U.S. economy weakened.
Disney's shares ended Thursday's trading down 25 cents, or 1.2 percent, at $20.97 on the New York Stock Exchange.