Marvel Entertainment

**Marvel Entertainment** is an American entertainment company and a subsidiary of The Walt Disney Company. The company was founded as **Toy Biz, Inc.** by Marvel Entertainment Group, later being renamed to Marvel Enterprises. The division was formerly headed by Scott M. Sassa from October 23, 1996, as Chairman and Chief Executive Officer, until June 20, 1997.

## History

Marvel Entertainment Group, Inc. (Marvel or MEG), incorporated on Template:Dts, and included Marvel Comics and Marvel Productions. That year, it was sold to New World Entertainment Ltd as part of the liquidation of Cadence Industries. On January 6, 1989, Ronald Perelman's MacAndrews & Forbes Holdings bought Marvel Entertainment Group from New World for $82.5 million. The deal did not include Marvel Productions, which was folded into New World's TV and movie business.

"It is a mini-Disney in terms of intellectual property," said Perelman. "Disney's got much more highly recognized characters and softer characters, whereas our characters are termed action heroes. But at Marvel we are now in the business of the creation and marketing of characters."

#### Public offering and acquisition

Marvel made an initial public offering of 40% of the stock (ticker symbol NYSE:MRV) on July 15, 1991, giving $40 million from the proceeds to Andrews Group, Marvel's then direct parent corporation within MacAndrews & Forbes Holdings.

In the early 1990s, Marvel Entertainment Group began expanding though acquisitions and the formation of new divisions. Marvel purchased the trading card company Fleer on July 24, 1992. On April 30, 1993, Marvel acquired 46% of ToyBiz, which gave the company the rights to make Marvel toys. The Andrews Group named Avi Arad of ToyBiz as the president and CEO of the Marvel Films division.

In 1993 and 1994, Marvel's holding companies, Marvel Holdings, Inc. and Marvel Parent Holdings, Inc., were formed between Andrews Group and MEG. The companies issued over half a billion dollars in bonds under the direction of Perelman, which was passed up in dividends to Perelman's group of companies. On July 5, 1994, Marvel acquired Panini Group, an Italian sticker-maker, followed by Malibu Comics on November 3  and Heroes World Distribution, a regional distributor to comic-book shops, in December. On March 10, 1995, it acquired trading card company SkyBox International and was completed later in May. Marvel's attempt to distribute its products directly led to a decrease in sales and aggravated the losses which Marvel suffered when the comic book bubbleTemplate:Citation needed popped, the 1994 Major League Baseball strike massacred the profits of the Fleer unit, and Panini, whose revenue depended largely on Disney licensing, was hobbled by poor Disney showings at the box office.

#### Bankruptcy and Marvel Studios

In late 1995, Marvel reported its first annual loss under Perelman, which was attributed mainly to the company's large size and a shrinking market. On January 4, 1996 Marvel laid off 275 employees.

In late 1996, Perelman proposed a plan to save Marvel in which the company would merge with Toy Biz after Perelman spent $350 million for the Toy Biz shares that he didn't already own. He would then receive newly issued Marvel shares to maintain his 80 percent stake.

Separately, in July 1996, Marvel filed with the U.S. Securities and Exchange Commission to raise money to create a private entity called Marvel Studios. Much of the money to create Marvel Studios came from the sale of Toy Biz stock.

On December 27, 1996, the Marvel group of companies filed for Chapter 11 bankruptcy protection. At this time, Carl Icahn, an American businessman and investor, began buying Marvel's bonds at 20% of their value and moved to block Perelman's plan. In February 1997, Icahn won the bankruptcy court's approval to take control of the company's stock. Later, in June 1997, Icahn won the right to replace Marvel's board, including Perelman.

In December 1997, during the post-bankruptcy reorganization phase, Toy Biz came to an agreement to purchase Marvel from the banks. In December 1997, the bankruptcy court appointed a trustee to oversee the company in place of Icahn. In April 1998, while the legal battle continued, the NYSE delisted Marvel stock.

In August 2008, former company head Ronald Perelman paid $80 million to settle a lawsuit accusing him of helping divert $553.5 million in notes when he controlled the company.

### Marvel Enterprises

ToyBiz and Marvel Entertainment Group were merged into Marvel Enterprises to bring it out of bankruptcy on June 2, 1998. In February 1999, Fleer/Skybox was sold to a corporation owned by Alex and Roger Grass, a father and son, for US$30 million.

Later, the rights to names like "Spider-Man" were being challenged. Toy Biz hired an attorney to review its license agreement. Los Angeles patent attorney Carole E. Handler found a legal loophole in the licensing of the Marvel name and was successful in reclaiming Marvel Enterprises' movie rights to its character Spider-Man.

Marvel Enterprise organized itself into four major units, Marvel Studios, Toy Biz, Licensing and Publishing, while in November 1999 adding Marvel Characters Group to manage Marvel's IP and oversee marketing. Marvel named its Marvel New Media president, Steve Milo, in November 2000 to oversee its website.

In 2003, Bill Stine purchased back Quest Aerospace, a 1995 Toy Biz acquisition, from Marvel. In summer 2003, Marvel placed an offer for Artisan Entertainment. A new unit, Marvel International, was set up in London under a president, Bruno Maglione, to extend the company's operation and presence in major overseas markets in November 2003. In December 2003, Marvel Entertainment acquired Cover Concepts from Hearst Communications, Inc. In November 2004, Marvel consolidated its children's sleepwear-apparel licensing business with American Marketing Enterprises, Inc.

In November 2004, the corporation sued South Korea-based NCSoft Corp. and San Jose, California-based Cryptic Studios Inc. over possible trademark infringement in their *City of Heroes* massive multiplayer online game. Marvel settled a film-royalties lawsuit in April 2005 with its former editor-in-chief, publisher and creator, Stan Lee, paying him $10 million and negotiating an end to his royalties.

### Marvel Entertainment

In September 2005, Marvel Enterprises changed its name to Marvel Entertainment to reflect the corporation's expansion into financing its own movie slate.

In 2007, several Stan Lee Media related groups filed lawsuits against Marvel Entertainment for $1 billion and for Lee's Marvel creations in multiple states, most of which have been dismissed. Additionally, a lawsuit over ownership of the character Ghost Rider was filed on March 30, 2007, by Gary Friedrich and Gary Friedrich Enterprises, Inc.

#### Disney subsidiary (2009–present)

On August 31, 2009, The Walt Disney Company announced a deal to acquire Marvel Entertainment for $4 billion, with Marvel shareholders to receive $30 and approximately 0.745 Disney shares for each share of Marvel they own. The voting occurred on December 31, 2009 and the merger was approved. The acquisition of Marvel was finalized hours after the shareholder vote, therefore giving Disney full ownership of Marvel Entertainment. The company was delisted from the New York Stock Exchange under its ticker symbol (MVL), due to the closing of the deal.

On June 2, 2010 Marvel announced that it promoted Joe Quesada to Chief Creative Officer of Marvel Entertainment. In June 2010, Marvel set up a television division headed by Jeph Loeb as executive vice president. Three months later, Smith & Tinker licensed from Marvel the character rights for a superhero digital collectible game for Facebook and Apple's mobile platform. On October 1, 2010, Marvel moved its offices to a 60,000-square-foot (5,600 m2) suite at 135 W. 50th Street, New York City, New York, under a nine-year sublease contract.

Stan Lee Media's lawsuit against Marvel was dismissed again in February 2011.

In March 2013, Feld Entertainment agreed with Marvel to produce a Marvel Character-based live arena show. Marvel was also launching a new pop culture and lifestyle web show, “Earth’s Mightiest Show”. On August 22, 2013, Marvel Entertainment announced that it was working with Hero Ventures on The Marvel Experience, a traveling production/attraction. In April 2014, Hong Kong Disneyland announced the construction of Iron Man Experience, the first Marvel ride at any Disney theme park. It opened in 2017 and was built on a location in the park's Tomorrowland.

On September 16, 2009, the Jack Kirby estate served notices of termination to Walt Disney Studios, 20th Century Fox, Universal Pictures, Paramount Pictures, and Sony Pictures to attempt to gain control of various Silver Age Marvel characters. Marvel sought to invalidate those claims. In mid-March 2010 Kirby's estate "sued Marvel to terminate copyrights and gain profits from [Kirby's] comic creations." In July 2011, the United States District Court for the Southern District of New York issued a summary judgment in favor of Marvel, which was affirmed in August 2013 by the United States Court of Appeals for the Second Circuit. The Kirby estate filed a petition on March 21, 2014 for a review of the case by the Supreme Court of the United States, but a settlement was reached on September 26, 2014 and the family requested that the petition be dismissed.

Marvel president of TV, publishing and brand Dan Buckley was promoted to Marvel Entertainment president in January 2017 adding games, global brand management and the franchise groups to his current responsibilities. In October 2017, Ron Richards began working at Marvel Entertainment as vice president and Managing Editor of New Media. Marvel New Media expanded into a new field with the development of a scripted podcast series, *Wolverine: The Long Night*, announced on December 5, 2017. Marvel and SiriusXM announced on October 22, 2019 a multi-year deal for scripted and unscripted podcast series and themed live events.

Marvel Entertainment announced a new pre-school franchise, Marvel Super Hero Adventures, in September 2017 consisting of a short-form animated series along with publishing and merchandise during "Marvel Mania" October. On December 7, 2017, Marvel announced its *Marvel Rising* franchise focusing on new characters as youngsters starting with animation in 2018. Marvel Comics is expected to publish material for Marvel Rising, but delayed any announcement on their material.

In May 2018, The Walt Disney Company Australia purchased eight year naming rights to Docklands Stadium from Melbourne Stadiums Limited and selected the Marvel brand as part of the name. Since September 1, 2018, the stadium has been known commercially as Marvel Stadium. A Marvel retail store and other inclusion of Marvel would be added to the stadium.

In October 2019, Marvel Studios head Kevin Feige was named Marvel's Chief Creative Officer, overseeing all the creative affairs within Marvel Entertainment in addition to Marvel Studios. Under the structure, Marvel Television and Marvel Family Entertainment (animation) moved to Marvel Studios, with Marvel Entertainment president Dan Buckley reporting to Feige. With the December 2019 announcement of folding of Marvel TV into Marvel Studios came the dismissal of executives of vice president level and above in TV and animation under Feige plus the removal of Brian Crosby as creative director of Themed Entertainment for Marvel Entertainment.

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## External links

* Marvel Entertainment on Wikipedia
* Marvel Entertainment on Twitter
* Marvel Entertainment on Facebook
* Marvel Entertainment on Instagram