According to the New York Times, Disney has put off Isaac “Ike” Perlmutter, the Chairman of Marvel Entertainment, to reduce expenses. Disney’s Marvel Entertainment is a smaller subsidiary that handles merchandising unrelated to the films in the Marvel Extended Universe produced by Marvel Studios. On Wednesday, Disney decided that its Marvel Entertainment division was unnecessary and would be merged with other Disney departments.
In addition to his involvement in the deal that led to Disney’s acquisition of the comic book company in 2009, Perlmutter is well-known for his ruthless business practices, which helped Marvel avoid bankruptcy in 1997. The executive was allegedly sexist, homophobic, and racist, which stopped movies like Black Panther, Black Widow, and Captain Marvel from happening. Still, he could have been instrumental to Marvel’s survival a few decades ago. Perlmutter attempted to remove Kevin Feige as head of Marvel’s film business in 2015. Thus, although Disney’s stated reason for firing Perlmutter was cost-cutting, the 80-year-old executive’s departure may have ended some unwelcome internal turmoil.
A few weeks after Victoria Alonso departed as executive producer at Marvel Studios, Disney shut down Marvel Entertainment. Alonso allegedly left Marvel Studios because of a breach of contract, despite having been with the company since the release of Iron Man in 2008 and the launch of the Marvel Cinematic Universe. But her reps say she was silenced for attacking Disney, so that’s not true. Disney is trying to reorganize and rethink its approach to its biggest intellectual properties, for whatever reason this may be. Disney’s plan to cut $5.5 billion will allegedly lead to the elimination of 7,000 jobs, so the company should continue.
Is Your Beloved Disney Franchise Affected by Their Cost-Reduction Initiatives?
The most recent Disney overhaul has already impacted the company’s flagship series.
One recent example is the cancellation of the one-season drama Willow, although it boasted several A-list actors. Reportedly, Disney requested Lucasfilm to produce more Star Wars content, which could mean the end of the previously announced Indiana Jones series.
Ant-Man and the Wasp: Quantumania’s lackluster performance at the movie office has made the MCU an obvious target for the restructuring. The lackluster response to Quantumania isn’t an outlier; it reflects fans’ loss of faith in the series after Avengers: Endgame. To reevaluate its world building strategy and guarantee the MCU continues to generate revenue for years, Marvel Studios reportedly chose to delay the release date of some of its Disney+ shows.