Why is Disney firing the president of Marvel Entertainment?

Billionaire Isaac Perlmutter, who in 2009 sold Marvel Entertainment to Disney and was still its president, has been fired by the entertainment giant within the framework of its current campaign to cut expenses, according to what the US media announced this Wednesday and confirmed by the company.

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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. They finally ended that campaign last February when the company announced a plan to cut 7,000 jobs and save some $5.5 billion 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.

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The businessman had arrived at Disney in 2009, when the company bought Marvel Entertainment for about 4,000 million dollars, a firm with which he had acquired bankruptcy years before.

WITH INFORMATION FROM EFE.

Source: Elcomercio

James

I have worked as a journalist for over 10 years and have written for various news outlets. I currently work as an author at 24 News Recorder, mostly covering entertainment news. I have a keen interest in the industry and enjoy writing about the latest news and gossip. I am also a member of the National Association of Journalists.