Walt Disney Co

The Walt Disney Company, together with the subsidiaries through which businesses are conducted (the Company), is a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences. The terms Company , we , our and us are used in this report to refer collectively to the parent company and the subsidiaries through which businesses are conducted. ENTERTAINMENT The Entertainment segment generally encompasses the Company’s non-sports focused global film and episodic content production and distribution activities. The lines of business within Entertainment along with their significant business activities include the following: Linear Networks Domestic: ABC Television Network (ABC Network); Disney, Freeform, FX and National Geographic (owned 73% by the Company) branded television channels; and eight owned ABC television stations International: Disney, FX and National Geographic (owned 73% by the Company) branded television channels A 50% equity investment in A+E Global Media (formerly A+E Television Networks) (A+E), which develops and distributes content globally Direct-to-Consumer Disney+: a global direct-to-consumer (DTC) service that primarily offers general entertainment and family programming. Subscribers to both Disney+ and one of the ESPN DTC plans (see Sports segment discussion) have access to certain sports content through Disney+. Hulu: a U.S.