Walt Disney Co has laid off Marvel Entertainment Chairman Isaac "Ike" Perlmutter as part of a cost-cutting campaign, a source confirmed Wednesday.
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.
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