Disney fires CEO of Marvel Entertainment

The billionaire Isaac Perlmutter, who in 2009 sold Marvel Entertainment to Disney and was still its president, has been fired by the entertainment giant as part of its current campaign to cut expenses, according to US media reports on Wednesday and confirmed by the company.

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

Finally, last February they ended that campaign when the company announced a plan to cut 7,000 jobs and save some 5.5 billion dollars in costs.

Disney has now begun to execute those layoffs and Perlmutter has been one of the victims and Marvel Entertainment, the unit he presided over, will be integrated into another division of the parent company.

In 2015, Perlmutter had already been removed from the head of Marvel Studios, which is in charge of the films based on the publisher’s comics, and had been left solely in charge of other businesses focused on consumer products.

The businessman had arrived at Disney in 2009, when the company bought Marvel Entertainment for about four billion dollars, a firm with which he had acquired bankruptcy years before.

TYT Newsroom