Iger's revenge: Disney fires Marvel Entertainment chairman Perlmutter trends now

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The Walt Disney Company has ousted Marvel Entertainment chairman Isaac Perlmutter, citing cost-cutting moves as part of layoffs affecting 7,000 employees.

Perlmutter, 80, had long feuded with Disney CEO Bob Iger, repeatedly backing activist investor Neson Peltz's failed bid to join the company's board as part of a campaign to slash costs.

Perlmutter was informed in a Wednesday phone call that Marvel Entertainment, a small division centered on consumer products and run separately from mammoth Marvel Studios, would be folded into other business units, sources told the New York Times.