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The Marvel Entertainment chairman is the latest victim of cost-cutting measures at The Walt Disney Company.
Isaac “Ike” Perlmutter, 80, has been fired as the department responsible for publishing comics and some consumer products has been merged into larger Disney business units, according to a person familiar with the situation
Marvel Entertainment President Dan Buckley will reportedly remain and report to Marvel Studios President Kevin Feige.
Disney began cutting 7,000 jobs Monday to save $5.5 billion in costs and make its streaming business profitable.
DISNEY PULLS OFF DESANTIS DISTRICT OVERSIGHT BOARD
A person reaches for a copy of the Captain America comic at a store in New York. (Portal/Shannon Stapleton/Portal photos)
Perlmutter took control of the comic book publisher in the late 1990s and sold Marvel to Disney for $4 billion in 2009, with Perlmutter continuing to oversee Marvel properties.
In 2015, Disney CEO Bob Iger restructured Marvel, placing Marvel Studios under Walt Disney Studios.
Bob Iger has returned to Disney as CEO, replacing Bob Chapek. (ROBYN BECK/AFP via Getty Images/Getty Images)
This move left Perlmutter no longer in control of the film studio’s budgets or creative process.
DISNEY SUPPOSEDLY GIVES THE AX TO METAVERSE DIVISION
Earlier this year, Perlmutter supported activist shareholder Nelson Peltz’s unsuccessful bid for a seat on Disney’s corporate board.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 96.91 | +2.09 | +2.20% |
The removal of mother-of-pearl was first reported by the New York Times.
Portal contributed to this report.