Marvel Television is ceasing all development plans as the business is set to be absorbed by Marvel Studios LLC, The Wrap reported.

The production company will only complete projects that are in the works, including ABC (US)' "Agents of S.H.I.E.L.D.," live action "Helstrom" and four animated series for Hulu LLC. Earlier plans to develop "Marvel's Ghost Rider" for Hulu had been shelved.

Jeph Loeb will leave his role as Marvel's head of television in the coming weeks, but will assist with the transition.

The move to bring Marvel TV under Marvel Studios will cause immediate layoffs, the report said. This will be further increased once work related to current Marvel TV shows is completed. Other Marvel Television employees, including Karim Zreik, senior vice president of current programming and production, together with his team members, will join Marvel Studios.

In October, Kevin Feige was appointed chief creative officer at Marvel Studios, in addition to his current role as president of the company.

Marvel Studios is planning eight different shows for Disney+, the streaming service of its parent Walt Disney Co. Shows in the pipeline for Disney+ include "The Falcon and The Winter Soldier," "WandaVision," "Loki" and "Hawkeye."