Disney Absorbs Marvel Entertainment Amid Layoffs, Dismisses Chairman Ike Perlmutter

Disney’s cost-cutting measures have reached to the top echelons of the company: Isaac “Ike” Perlmutter, chairman of Marvel Entertainment, has been laid off, as his division — which is separate from Marvel Studios — is absorbed into other units of Disney.

Along with Perlmutter, Marvel Entertainment’s co-president, Rob Steffens, and chief counsel, John Turitzin, were also dismissed.

A Disney spokesperson confirmed the departures to Variety.

The 80-year-old Perlmutter was at the center of activist investor Nelson Peltz’s months-long fight to join the Disney board. Variety reported in February that Perlmutter’s backing of Peltz was due at least in part to CEO Bob Iger’s decision to sever Perlmutter’s control of Marvel Studios in 2015, which reduced Marvel Entertainment to not much more than consumer products. Peltz ended his proxy battle in February after Iger announced his plan to reduce costs by $5.5 billion, which included reducing the workforce by 7,000 employees.

More to come.