According to the Associated Press, The Walt Disney Co. is buying Marvel Entertainment Inc. for $4 billion in cash and stock, bringing such characters as Iron Man and Spider-Man into the family of Mickey Mouse and WALL-E.
Under the deal, which was announced Monday (8/31)and is expected to close by the end of the year, Disney will acquire the rights to 5,000 Marvel characters. Many of them, including the Fantastic Four and the X-Men, were co-created by the comic book legend Stan Lee. Disney said the boards of both companies have approved the transaction, but it will require an antitrust review and the approval of Marvel shareholders.
Disney CEO Robert Iger said Marvel's comic books, TV shows, movies and video games amounted to "a treasure trove of content."
Although it began producing its own movies, starting with Iron Man last year, Marvel has several deals with other movie studios that Disney said it will honor and re-examine upon expiration. For example, Spider-Man 4, set for release in 2011, is being made with Sony Corp.'s Columbia Pictures; Iron Man 2 will be distributed by Viacom Inc.'s Paramount Pictures next year; and the upcoming X-Men Origins: Magneto and X-Men Origins: Wolverine 2, both due in 2011, are to be distributed by News Corp.'s 20th Century Fox.
"The acquisition of Marvel offers us a similar opportunity to advance our strategy," Iger said, and "to build a business that is stronger than the sum of its parts."
Now I am not too sure how I feel about this, I kind a got some mixed emotions on this one here....hmmmm...
*Associated Press Los Angeles
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