Isaac Perlmutter: The Story of Success after StruggleJanet Rangi
74-year-old Isaac Perlmutter is the current CEO of Marvel Entertainment LLC. His net worth as of 2017 is $4.1 billion, listed by Forbes. The quintessential self-made man embodies the true spirit of the successful entrepreneur in the modern capitalist age.
Known by some as “Ike”, Isaac was born in Israel on December 1st, 1942. He served in the Israeli army during the Six Day War of 1967. Immigrating to Brooklyn, New York City with little more than $200, he worked at Jewish cemeteries and sold toys on the streets. This led to a successful business, selling surplus stock items.
Despite a lack of any formal higher education, he taught himself how to analyze balance sheets and other business skills. Having a keen eye and natural business acumen, Isaac soon earned a reputation for spotting good potential returns in otherwise failing business enterprises.
With his partner, Bernard Marden, he formed his first company, Odd Lot Trading which was a wholesaler of closeout items. This was sold in May 1984 to Revco Discount Drugs Store in a deal for 12% of Revco stock. They later cashed out their shares for $150 million.
In 1988, Perlmutter bought the senior debt of Coleco Entertainment Corporation for $50 million. He brokered a deal whereby Hasbro Corporation bought Coleco for $85 million. Perlmutter bought controlling interest of Remington Products from Victor Kiam in 1994. Remington was then sold off to Vestar Capital Partners in 1996.
Avi Arad and Perlmutter bought Toy Biz Company in January 1990. It later became Marvel Toys, a division of Marvel Entertainment. He served as Vice Chairman of the Board of Directors at Marvel from November 2001.
In 1998, Perlmutter acquired Marvel from Ron Perelman after it had filed for bankruptcy. He sold a majority to The Walt Disney Company for $4 billion in December 2009. He however remained in the role of CEO. Mr. Perlmutter is widely credited for steering Marvel Entertainment into the movie and television business.