(Reuters) -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.
(Reporting by Dawn Chmielewski in Los Angeles, Urvi Dugar in Bengaluru; Editing by Devika Syamnath and Nick Zieminski)
