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Ike Perlmutter: Disney/Marvel "Fundamental Differences" Led To Firing

Ex-Marvel Entertainment Chair Isaac "Ike" Perlmutter says he was fired by Disney over "fundamental differences" with the company's direction.

It was back at the beginning of February 2023 when The Walt Disney Company CEO Bob Iger announced that the company would be undergoing a series of corporate restructurings, layoffs, and budget cuts in an effort to raise $5.5 billion in savings. Since then, we've seen several initiatives put into play, from stretching out the release windows for Marvel Studios & Lucasfilm's films and series to the first of what's reportedly a series of three rounds of layoffs across all levels of the company. And in terms of restructuring, we saw Disney Media and Entertainment Distribution dissolved, and Disney Entertainment, ESPN, and Parks, Experiences & Products put into place as the redefined structure. As part of the ongoing restructuring, Marvel Entertainment, a division that oversaw Marvel Comics & consumer products, was also dissolved, with its main responsibilities folded into the company's larger business units. As a result of the cost-cutting move that dissolved the division, longtime executive Isaac "Ike" Perlmutter, Chairman of Marvel Entertainment, was laid off. But in an interview with The Wall Street Journal that went live earlier today, Perlmutter is pushing back on the report that he was laid off to save money. "I have no doubt that my termination was based on fundamental differences in business between my thinking and Disney leadership because I care about return on investment," Perlmutter. Here's a look at some of the highlights:

Box Office vs. Bottom Line: When it comes to Disney and Marvel Studios, Perlmutter takes issue with what he sees as too much concern for box office results and not enough concern for how much is being spent on the franchises. "I'll they talk about is box office, box office," Perlmutter said in the piece, also sharing that he attempted to convince Disney to reign in spending for years. "I care about the bottom line. I don't care how big the box office is. Only people in Hollywood talk about box office."

Perlmutter, Disney Offer Conflicting Takes: In addition, Perlmutter doesn't sign off on Disney's recollection of how he was notified of the restructuring. According to a Disney rep, Horacio Gutierrez, Disney's general counsel, called Perlmutter to explain that his dismissal was part of the company's overall cost-cutting & saving measure. But Perlmutter doesn't remember being given a reason for the move. "It was merely a convenient excuse to get rid of a longtime executive who dared to challenge the company's way of doing business," he added.

Finding An Ally in Peltz: "My experience with any major corporation, when they're having problems, and they don't have the free cash, or whatever it is, usually people like Nelson Peltz know how to put it back on track. I learned one thing about creative people my whole life: You cannot give them an open credit card.… They're doing this for 30 years; why would they change?" Perlmutter explained when discussing his reason for supporting investor Nelson Peltz's proxy battle against Disney, finding an ally in his efforts to curtail Disney's spending (with Peltz ending his efforts earlier this year after Iger rolled out the ongoing cost-savings initiatives).

Did Perlmutter Try to Get Kevin Feige Fired? During an interview with CNBC in February 2023, when news of Disney's cost-cutting & saving moves was announced, Iger claimed that Perlmutter "was intent on firing Kevin Feige [in 2015]… and I thought that was a mistake and stepped in to prevent that from happening." Reportedly, the divide between Feige and Perlmutter was over film budgets, which Perlmutter confirms but denies that he was looking to get Feige terminated. For some added perspective, Perlmutter was a member of a committee that would recommend screenplays and budget structures for Marvel films (during those pre-streaming series days).

Perlmutter Spoke with Ex-CEO Bob Chapek: Perlmutter also claims that he brought his concerns to ex-Disney CEO Bob Chapek (who declined to comment for the WSJ article), saying that Chapek agreed with him but that his hands were tied to make any changes since the company's senior management approved them. "There was no way to force the issue because the creative people at the Walt Disney Company are very powerful," Perlmutter added.

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