--Walt Disney Co. has laid off Isaac Perlmutter, the Marvel Entertainment chairman who has unsuccessfully worked to shake up the company's board, as part of a cost-cutting campaign that includes the elimination of 7,000 jobs, the New York Times reports.

--Disney told Mr. Perlmutter by phone that Marvel Entertainment, a small division centered on consumer products and run separately from Marvel Studios, was redundant and would be folded into larger Disney business units, the Times reports, citing Disney executives briefed on the matter.

--Disney confirmed the move, according to the report, while Mr. Perlmutter couldn't immediately be reached for comment.

Full story: https://www.nytimes.com/2023/03/29/business/media/disney-marvel-ike-perlmutter.html

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 29, 2023 12:33 ET (16:33 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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