THE UNIVERSITY DAILY LANSAN
TUESDAY, SEPTEMBER 1, 2009
NEWS 7A
BUSINESS
Disney purchases comics giant Marvel Entertainment
ASSOCIATED PRESS
LOS ANGELES'—The Walt Disney Co. is punching its way into the universe of superheroes and their male fans with a deal announced Monday to
acquire Marvel Entertainment Inc. for $4 billion, bringing characters such as Iron Man and Spider-Man into the family of Mickey Mouse and "Tov Stor"
The surprise cash-and-stock deal sent Spidey
"I love both companies. From every point of view, this is a great match."
senses tingling in the comic book world. It could lead to new rides, movies, action figures and other outlets for Marvel's 5,000 characters, although Marvel already was aggressively licensing its properties for such uses.
Stan Lee, the 86-year-old cocreator of "Spider-Man" and many more of Marvel's most famous characters, said he was thrilled to be informed of the marriage Monday morning.
Buying Marvel is meant to improve Disney's following among men and boys. Disney acknowled-
"I love both companies," he said. "From every point of view, this is a great match."
STAN LEE
Former president,
Marvel Entertainment
Superman, Batman and Wonder Woman, was bought by Warner Bros. — now part of Time Warner Inc. — in 1969.
The deal is expected to close by the end of the year and marks Disney's biggest acquisition since it purchased Pixar Animation Studios Inc., the maker of "Up" and "Cars," for $7.4 billion in stock in 2006.
Comic book creator Stan Lee stands beside some of his drawings in the Marvel Super Heroes Science Exhibition at the California Science Center in Los Angeles March 21, 2006. The Walt Disney Co. on Monday said it was 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 WALF.
edges it lost some of its footing with guys as it poured resources into female favorites such as "Hannah Montana" and the Jonas Brothers.
"Disney will have something guys grew up with and can experience with their kids, especially their
sons" said Gareb Shamus, whose company Wizard Entertainment Group runs several of the Comic-Con conventions around the nation.
ASSOCIATED PRESS
Marvel TV shows already
account for 20 hours per week of programming on Disney's recently rebranded, boy-focused cable network, Disney XD, and that looks likely to increase, Iger said. The shows are "right in the wheelhouse for boys," he said.
There will be
There will be some lag before Marvel's trove of characters are fully developed at Disney, because of licensing deals Marvel has with other studios.
sequels, starting with "Spider-Man 4" set for a May 2011 release. News Corp's 20th Century Fox has the long-term movie rights to the "X-Men," "Fantastic Four," "Silver Surfer" and "Daredevil" franchises.
Both studios maintain those rights in perpetuity unless they fail to make more movies.
Separately, Viacom Inc.'s Paramount Pictures has a five-picture distribution deal for Marvel-made movies, the first of which will be "Iron Man 2," set for release next May. Paramount said it expects to continue working with Marvel and Disney.
For example, Sony Corp's Columbia Pictures is developing the next three "Spider-Man"
"Disney will have something guys grew up with, and can experience with their kids..."
General Electric Co.'s Universal Studios has an attraction called Marvel Super Hero Island in Orlando, Fla., that will stay in existence as long as Universal wants to keep it there and follows the contract terms, Universal said.
GAREB SHAMUS
Founder,
Wizard Entertainment
Despite beginning to make its
own movies, starting with "Iron Man" last year, licensing remained a key driver of Marvel's $206 million and in profit and $676 million in revenue last year. Iger said Disney could give Marvel broader global distribution and better relationships with retailers
to sell Marvel products.
However, analyst David Joyce of Miller Tabak & Co. noted that the $4 billion offer was at "full price."
Marvel shareholders will receive $30 per share in cash, plus 0.745 Disney shares for every Marvel
share they own. That values each Marvel share at $50, a 29 percent premium over Friday's closing stock price. The final ratio of cash and stock will be adjusted to ensure Disney stock makes up at least 40 percent of the final offer.
Marvel shares shot up $9.72,
or 25 percent, to close at $48.37
on Monday. Disney shares fell 80
cents, or 3 percent, to $26.04.
Disney investors were probably unhappy that the deal will reduce
earnings per share in the short term and might not turn positive until its 2012 fiscal year. Disney's earnings per share will drop partly because the company will issue 59 million new shares, and partly because Marvel plans to release two costly blockbusters, "Thor" and "The First Avenger: Captain America" in 2011. DVD sales of those films likely won't roll in until fiscal 2012.
Disney said the boards of both
companies have approved the transaction, but it will require an antitrust review and the approval of Marvel shareholders.
If it works out, Marvel's chief executive, Isaac "Ike" Perlmutter, will pocket a hefty payday. He snatched Marvel assets out of bankruptcy in 1998, outmaneuvering investors Carl Icahn and Ronald Perelman. His 37 percent stake in Marvel is now worth about $1.5 billion.
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