Entertainment <\/p>\n
A combative several years between Disney and Marvel executive\u00a0Isaac \u201cIke\u201d Perlmutter<\/strong> came to an end Wednesday, when the entertainment company laid off the eccentric billionaire as part of a broader cost-cutting effort that includes folding Marvel Entertainment\u2014the small consumer products division he oversaw\u2014into other business units.\u00a0\u00a0<\/p>\n The famously low-profile Perlmutter has been a thorn in Disney\u2019s side since selling Marvel Entertainment for $4 billion in 2009. He spent \u201cyears\u201d\u00a0reportedly frustrating<\/a>\u00a0Marvel Studios president\u00a0Kevin Feige<\/strong> before the lucrative film business was\u00a0moved out from under his purview<\/a> in 2015, and more recently wielded influence behind the scenes as his friend, activist investor\u00a0Nelson Peltz,<\/strong> made a play to join<\/a> the Disney board. Peltz went on to wage a proxy fight with Disney as the company faced growing pressure to cut costs and clarify its succession plans.\u00a0The New York Times<\/em><\/a>,<\/em> which broke the news that Perlmutter was being laid off, reported that his departure has been the subject of speculation ever since Peltz ended the battle in February.\u00a0<\/p>\n Vanquishing Perlmutter represents a strong power play by Disney CEO Bob Iger,<\/strong> who returned to lead the company in November after a nearly three-year hiatus. It comes amid an expected, yet still substantial, round of layoffs for the company, which is expected to cut 7,000 jobs by summer.\u00a0<\/p>\n Disney is looking for $5.5 billion<\/a> in cost savings by end of fiscal 2024 as it focuses on a streaming-first future. One source within the company described the morale as \u201cpretty horrible\u201d since Iger first announced the layoffs during the company earnings call in February, and expressed relief that the Band-Aid is finally being ripped off.\u00a0<\/p>\n In a memo to staff sent Monday, a copy of which Vanity Fair<\/em> obtained, Iger said that layoffs would begin this week, with a larger round taking place in April. He added that he expects the layoffs to be completed before the beginning of summer. \u201cThe difficult reality of many colleagues and friends leaving Disney is not something we take lightly,\u201d he wrote. As part of the layoffs, Disney has also eliminated its roughly 50-person\u00a0Metaverse unit<\/a> and consolidated some\u00a0television production jobs<\/a>.\u00a0<\/p>\n<\/div>\n