EXCLUSIVE: We understand that Marvel underwent a handful of layoffs Monday, with 15 employees impacted across Marvel Entertainment in New York and Marvel Studios in Burbank.
Those let go include junior employees in production and development at Marvel Studios. These cuts are due to Marvel reassessing and reducing their slate. Duly note, Marvel Studios only has one feature release this year, Deadpool & Wolverine, which is coming out July 26. I hear there aren’t additional cuts expected.
Some of today’s cuts, particularly in New York, stem from the efficiencies gained by Marvel when they integrated the Marvel Entertainment team into Marvel Studios and other Disney departments following the March 2023 exit of former Marvel exec Ike Perlmutter, who previously oversaw consumer products, comic book publishing (which reaps some $40 million-$60 million annually), game licensing and arena shows.
Perlmutter’s departure came amid Disney cutting 7,000 jobs in a massive overhaul of its employee corps that was part of a $5.5 billion cost-cutting maneuver. Marvel Entertainment was a small division that was run separately from Marvel Studios; it was redundant and folded into the larger Disney business unit.
Perlmutter sold Marvel to Disney in 2009 for $4 billion, having previously steered the company during the 1990s, capitalizing on the comic book label’s superhero merchandising business.
During the Q1 2024 earnings call, Disney CEO Bob Iger said, “The first step that we’ve taken is that we’ve reduced volume. We’ve reduced output, particularly at Marvel. When you fix or when you address these issues with — in movies, you do three things: You get aggressive at making sure the films you’re making can be even better. Sometimes, you kill projects you don’t believe in. And, of course, you put new things in the pipeline that you do believe in that you have much more confidence in, and we’re doing all of that.”
