This is a big week for Marvel Studios. Deadpool and WolverineBehind the scenes, corporate restructuring continues as Ike Perlmutter is finally freed from any attachment to the company where he once served as chairman.
The ousted executive followed his partner Nelson Peltz in selling his shares in The Walt Disney Company, according to The Wall Street Journal, after activist investor Peltz and his Trian Partners lost a proxy fight with Disney Co. Peltz was seen as a conduit for Perlmutter’s agenda, furthering the conservative, anti-diversity platform that Perlmutter supported when he was chairman of Marvel Entertainment before being fired last year. Perlmutter sold all of his 25.6 million shares after Peltz’s vote.
The timing was deliberate, and the 81-year-old Perlmutter may not be cutting ties with Disney forever. Perlmutter said he “sold because I have no confidence in Disney’s current management and I expect the company’s stock price and earnings to fall further. I plan to buy back much of my previous holdings if Disney’s stock price falls to $65 to $75 a share,” according to The Wall Street Journal. “He sold shares at an average price of just under $115 between early April and mid-July,” the paper wrote.
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