Disney cuts ties with Marvel Entertainment chairman in cost-saving measure.

Disney has laid off Marvel Entertainment chairman, Isaac "Ike" Perlmutter, as part of its cost-cutting measures. The division responsible for comic book publishing and some consumer products will be merged into larger Disney business units. The move comes as Disney begins to eliminate 7,000 jobs in an effort to save $5.5 billion in costs and make its streaming business profitable. Perlmutter took control of the comic book publisher in the late 1990s and sold Marvel to Disney for $4 billion in 2009, with Perlmutter continuing to oversee Marvel properties.