Disney paying a metric SHIT-TON for Marvel
Monday, August 31, 2009 at 11:03AM
That Disney is willing to spend that much money for the brand says to me that not only have they been working on this deal for a very long time, but that they also have some big ideas up their sleeves. Now under the same umbrella as Pixar and the recently purchased Dreamworks, Marvel properties will be hanging out with quite a set of talented folks. Buying Marvel so soon after acquiring Dreamworks may be giving away that Disney is gearing up to make some pretty big moves in the film industry.
The distibution deals that are already in place with Paramount for the upcoming movies in the Avengers series will stay in place as well as production deals for Spiderman at Sony and X-Men at Fox. X-Men really could use a new home though, especially after the last two movies. Cringe.
This merger doesn't worry me at all mainly because of the quality of product that Disney continually puts out. Plus, Disney has no need to mettle too deeply into Marvel's production affairs, and I'm convinced they won't. That they are teaming up with Marvel doesn't mean we're going to see Mickey Mouse swinging through New York like Spiderman. What it does mean is that we're going to be seeing some pretty damn interesting things coming from this camp in the coming months and years and until they announce a Cinderella/Wolverine crossover, I'll be devilishly excited to see what happens. Especially with the possible Marvel/Pixar team.
Here is the official press release from Walt Disney Co.:
Building on its strategy of delivering quality branded content to people around the world, The Walt Disney Company has agreed to acquire Marvel Entertainment, Inc. in a stock and cash transaction, the companies announced today.
Under the terms of the agreement and based on the closing price of Disney on August 28, 2009, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own. At closing, the amount of cash and stock will be adjusted if necessary so that the total value of the Disney stock issued as merger consideration based on its trading value at that time is not less than 40% of the total merger consideration.
Based on the closing price of Disney stock on Friday, August 28, the transaction value is $50 per Marvel share or approximately $4 billion.
“This transaction combines Marvel’s strong global brand and world-renowned library of characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor with Disney’s creative skills, unparalleled global portfolio of entertainment properties, and a business structure that maximizes the value of creative properties across multiple platforms and territories,” said Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company. “Ike Perlmutter and his team have done an impressive job of nurturing these properties and have created significant value. We are pleased to bring this talent and these great assets to Disney.”
“We believe that adding Marvel to Disney’s unique portfolio of brands provides significant opportunities for long-term growth and value creation,” Iger said.
“Disney is the perfect home for Marvel’s fantastic library of characters given its proven ability to expand content creation and licensing businesses,” said Ike Perlmutter, Marvel’s Chief Executive Officer. “This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney’s tremendous global organization and infrastructure around the world.”
Under the deal, Disney will acquire ownership of Marvel including its more than 5,000 Marvel characters. Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.
The Boards of Directors of Disney and Marvel have each approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, effectiveness of a registration statement with respect to Disney shares issued in the transaction and other customary closing conditions. The agreement will require the approval of Marvel shareholders. Marvel was advised on the transaction by BofA Merrill Lynch.
Reader Comments (1)
This is fucking intense, and awesome. I'm with you Will, this is for the good.
I also cried tears of laughter when I saw Wolverine behind Jasmine and Bell. Gold.