Disney has recently announced a major restructuring plan that involves the elimination of 7,000 jobs across various departments. As part of this strategic realignment, the entertainment giant has laid off Isaac “Ike” Perlmutter, chairman of Marvel Entertainment. Perlmutter’s departure marks the end of an era for Marvel, which he steered through troubled waters in the 1990s before selling to Disney in 2009 for a whopping $4 billion.
The Demise of Isaac Perlmutter at Disney
Perlmutter’s departure from Disney was first reported by The New York Times. He had been in charge of the consumer products division of Marvel, which included comic book publishing, game licensing, and arena shows. However, with the restructuring plan, Marvel Entertainment will be folded into other parts of the Disney corporate umbrella.
Kevin Feige’s Rise to Power and Perlmutter’s Frustration
Perlmutter tried to shake up Disney’s board earlier this year by backing his longtime friend Nelson Peltz in a proxy fight. This move was reportedly due to CEO Bob Iger’s decision to sever Perlmutter’s control of Marvel Studios back in 2015, which reduced Marvel Entertainment to consumer products and comic book publishing. Before this move, Perlmutter had frequent conflicts with Marvel Studios president and creative architect Kevin Feige over his frequent pennypinching and refusal to greenlight female-led or POC-led films like “Black Panther” and “Captain Marvel”.
In September 2015, Feige successfully moved Marvel Studios — the unit responsible for the wildly popular Marvel Cinematic Universe movies and shows — out from under Perlmutter’s purview, with Feige reporting directly to then-Disney Studios chairman Alan Horn. Since then, Feige has been instrumental in Marvel’s success, producing blockbuster hits and carving out a separate identity for the brand.
The Fallout of Perlmutter’s Departure
Perlmutter’s departure from Disney also includes Rob Grosser, a third-party Marvel security consultant who is considered to be his fixer. Grosser had assisted in the investigation of media leaks at Marvel before, including the 2012 incident when the website Latino Review revealed information about Marvel’s plans to release its first “Guardians of the Galaxy” film before it was officially announced. Additionally, Rob Steffens, co-president of Marvel Entertainment, and John Turitzin, chief counsel for the same division were laid off.
Dan Buckley, president of the division, will now report to Marvel Studios chief Kevin Feige. The move is expected to consolidate Marvel’s operations under a single unit and streamline its business model.
Perlmutter’s Legacy at Marvel
Perlmutter first took control of Marvel Entertainment in the 1990s when it was in bankruptcy and was folded into Toy Biz. He played a crucial role in capitalizing on the comic book label’s superhero merchandising business. Under his leadership, Marvel became a household name and a cultural phenomenon that inspired dozens of movies and TV shows.
Although he had his detractors, Perlmutter was known for his no-nonsense approach to business and his attention to detail. He had a reputation for pinching pennies and making sure that every cent counted. From holding press junkets in Disney’s offices to forcing employees to reuse office supplies, Perlmutter had a hands-on approach to managing costs.
Conclusion
Despite his successes at Marvel Entertainment and Disney, Perlmutter’s departure marks the end of an era at one of America’s most beloved brands. However, with Kevin Feige at the helm and a new strategy in place, there is reason for optimism at Marvel. The brand is poised to continue its dominance in the entertainment industry and provide new adventures for its legion of fans.
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