Disney lays off Marvel Entertainment chairman Isaac Perlmutter
Revenge? Disney lays off Marvel Entertainment chairman Isaac Perlmutter
US entertainment conglomerate Walt Disney laid off Marvel mogul Isaac "Ike" Perlmutter in a move to control costs, reported Reuters quoting a source. This comes two days after the media giant started to slash 7,000 jobs, an action the firm announced earlier this year.
The move is seen as revenge taken by Disney after Marvel Entertainment Chairman Perlmutter backed Nelson Peltz in his failed bid for a seat on the company's corporate board, as per reports.
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Marvel Entertainment is a division of The Walt Disney Company since 1 September 2009 and is popular for Marvel Comics, a flagship property. Reuters while citing another source said that Perlmutter was informed about his layoff on Wednesday and was told that Marvel Entertainment would be merged into larger Disney business units.
However, there are no comments made so far by Perlmutter. Disney acquired Marvel Entertainment for US$4 billion in 2009.
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Later, in a bid to restructure Marvel, Marvel Studios was placed under Walt Disney Studios. At the time, Perlmutter was able to retain his position at Marvel Entertainment.
The Mouse House is letting go of its employees in response to its slow subscriber growth and rising competition for streaming consumers, the company said about a month ago.Disney is vying to achieve $5.5bn in cost savings.
Investors earlier expressed their concerns that the media company was overspending on the global streaming business.
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In a recent announcement, it said that the company will reorganize itself into three main segments: an entertainment division that includes film, television, and streaming; an ESPN division that focuses on sports; as well as Disney theme parks, experiences, and goods.
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