Disney Lays Off Marvel Entertainment Chairman Isaac Perlmutter

Disney's controversial layoffs have now hit the chairman of Marvel Entertainment. The New York Times reports Isaac (Ike) Perlmutter has been laid off, with Disney confirming the move. He was reportedly told of the layoff over a phone call that included the news that Marvel Entertainment will be folded into Disney's larger business units. Disney CEO Bob Iger started its newest rounds of layoffs earlier this week, with an estimated 7,000 jobs cut, which is about four percent of its global number. The layoffs are to help cut down the $5.5 billion needed to improve the company's financial numbers.

"The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here," Iger wrote in the memo (via Variety). "That's part of what makes working at Disney so special. It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company."

Marvel Entertainment Folds Into Other Disney Units

While many will focus on the removal of Isaac Perlmutter, there is the matter of Marvel Entertainment now folding into some of the other business units inside Disney. The first thought is Marvel Entertainment will now come under the purview of Marvel Studios. Kevin Feige, who is already the President of Marvel Studios, also holds the title of Chief Creative Officer of Marvel Entertainment, so that could be a seamless transition. 

Marvel Entertainment also includes theme parks and video games, with Dan Buckley residing as President. 

Disney Cuts Metaverse Division

Months after first being announced, Disney's new metaverse division has been shuttered. As a part of the company's wide-ranging layoffs, virtually everyone at the virtual reality-based outfit has been let go. According to the initial report from The Wall Street Journal, only Mike White, head of the new division and an alum of Disney's consumer products division, remains with the company in an undetermined role. The move to sunset its metaverse efforts will see 50 employees affected by the move.

The division was initially created by former Disney CEO Bob Chapek, who had hoped to get into the realm of digital spaces. "The Walt Disney Company has a long track record as an early adopter in the use of technology to enhance the entertainment experience," Chapek said in 2021. "Our efforts to date are merely a prologue to a time when we'll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse, and we look forward to creating unparalleled opportunities for consumers to experience everything Disney has to offer across our products and platforms, wherever the consumer may be."