Walt Disney has laid off Marvel Entertainment Chairman Isaac "Ike" Perlmutter as part of a cost-cutting campaign, a source confirmed today.
Perlmutter had supported activist shareholder Nelson Peltz's unsuccessful bid to obtain a seat on Disney's corporate board.
The executive was informed Wednesday that Marvel Entertainment, a consumer products unit run separately from Marvel Studios, would be merged into other Disney business units, according to the New York Times, which first reported Perlmutter's ouster.
On Tuesday, Walt Disney started 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more "streamlined" business, according to a letter chief executive Bob Iger sent to employees and seen by Reuters.
