Disney gets new comic heroes with $4 billion deal for Marvel
— -- But Disney CEO Robert Iger sees the union of superheroes, villains and lovable characters as a golden opportunity for the Magic Kingdom to aggressively expand its audience — especially males — through movies, TV, the Internet, comic books and other merchandise.
Under the deal, announced Monday and expected to close by the end of the year, Disney will acquire the rights to 5,000 Marvel characters. "It gives us a treasure trove of content," Iger said.
Disney approached Marvel a few months ago "to get to know them," Disney Chief Financial Officer Tom Staggs said. Discussions quickly escalated into acquisition talks between Iger and Marvel CEO Ike Perlmutter, Staggs said.
Marvel shares soared 25% to $48.37 in trading Monday. Disney shares slipped 3% to $26.04.
The accord is "doubly smart" for Disney because it picks up world-class intellectual property and eliminates one of its chief rivals, says Michael Uslan, executive producer of The Dark Knight and a comic book historian.
"It's the greatest thing that could happen to both companies," said comics icon Stan Lee, who co-created Spider-Man, the Fantastic Four, the Incredible Hulk and scores of other do-gooders. "For Disney to now have the entire catalog of Marvel characters is a dream come true."
The deal doesn't come without challenges. Declines in ad spending and DVD sales, coupled with rising production costs, have forced movie and TV studios to shed thousands of jobs the past two years. "Iger has generally done a good job in meeting the economic challenges," says Harold Vogel, an independent media analyst. "People will closely watch this deal, but it doesn't put him under the same type of pressure as the Pixar deal."
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