3/29, 5:54 PM (Source: TeleTrader)
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Disney reportedly fires Marvel merchandise head

The Walt Disney Company laid off its division Marvel Entertainment LLC's Chairman Isaac Perlmutter in the latest effort to reduce company costs, The New York Times (NYT) reported on Wednesday.

According to two Disney executives familiar with the matter, Perlmutter received the news in a telephone call earlier in the day. The sources also said that the company ruled Marvel Entertainment, the division dedicated to Marvel consumer products, was no longer necessary as a stand-alone department and decided to merge it with different branches.

Earlier this week, Disney was reported to have started the first round of its previously confirmed 7,000 job cuts.

Baha Breaking News (BBN) / JR