Disney removes the head of Marvel Entertainment

New York. US media reported on Wednesday that billionaire Itzhak Perlmutter, who sold Marvel Entertainment to Disney in 2009 and was still its chairman, has been fired by the entertainment giant as part of its current campaign to cut spending.

Perlmutter, 80, teamed up with influencer investor Nelson Peltz last year to try to force changes in Disney management, which he said was spending too much money.

Disney laid off Isaac Perlmutter, the president of Marvel Entertainment who sold Marvel to Disney in 2009 for $4 billion, as part of a cost-cutting drive aimed at positioning the company for streamlined growth. https://t.co/G5aRp3VrsY

—The New York Times (@nytimes) March 29, 2023

Finally, this past February, they put an end to that campaign when the company announced a Plan to cut 7,000 jobs and saving about $5.5 billion in costs.

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Disney is now beginning to implement these layoffs, Perlmutter was one of the victims, and Marvel Entertainment, the unit he headed, will be merged into another division of the parent company.

In 2015, Perlmutter was actually removed from the head of Marvel Studios, which is responsible for films based on the publisher’s comics, and was left in charge of only other businesses focused on consumer products.

The businessman came to Disney in 2009, when the company bought Marvel Entertainment for about $4,000 million, a company he had filed for bankruptcy with years earlier.