Walt Disney (NYSE:DIS) plans to significantly reduce its investment in programming for traditional television networks, according to Chief Executive Bob Iger.

This move comes as the entertainment giant adapts to the increasing consumer shift towards streaming platforms.

Speaking at the MoffettNathanson’s 2024 Media, Internet and Communications Conference on Wednesday, Iger acknowledged that while linear channels like ABC remain valuable for marketing and reaching older audiences, the focus will shift away from content specifically for these networks.

"The goal is to reduce pretty dramatically our investment in content specifically aimed at those traditional networks," Iger stated.

On the topic of Disney's theme parks, Iger expressed optimism about continued growth but tempered expectations for the future.