It’s actually a really wise business decision to keep all these separate.

- Hulu advertising tier: this can be the dumping ground for all the mainstream network television that Disney and Fox owned, allowing them to monetize that content after broadcast

- Hulu premium: compete with Netflix for premium television, can be more mature, and allows for monetizing viewers willing to pay for ad-free.

- Disney+: obviously a different brand with content requirements, it can allow Disney to grow their brand, and monetize the most “die-hard” fans, on top of other channels.

- ESPN+: live is very important, and allows premium advertising revenues to be generated. Sports does not have much crossover with other channels, and has unique business models.

All of these allow Disney to continue making tons of money from the current cable bundles, while opening new markets and segments for monetization, all while defending against threats like Netflix, etc.

I don’t own Disney stock, but their current situation seems very considered, given the current market and where it is going. I think they have single handedly disrupted Netflix’s plan to be the new “TV”.