On the same day Walt Disney Co. took over another company he founded, Stan Lee’s Pow! Entertainment Inc. said late Thursday that the Burbank entertainment giant will take a 10 percent equity stake in the Marvel founder’s latest comic character venture.
Marvel Entertainment shareholders earlier in the day approved the New York City company’s acquisition by Disney in a $4.3 billion cash-and-stock deal that closed at the end of the day.
Disney paid $2.5 million for its Pow stake. Its Walt Disney Studios division entered into a first-look deal with Pow in 2007, Lee said, and since then has worked closely with Lee’s team on several development projects.
The studio now will have enhanced rights to the creative output of Pow, as well as certain exclusive consulting services. Bob Chapek, president of worldwide distribution for Walt Disney Studios, said his company not only would tap Lee’s knowledge of the Marvel universe, but also is interested in his new company’s original content for potential use in everything from motion pictures to video games.
“Disney has been a great partner for us and we look forward to working closely with them in the coming years,” said Lee, chairman and chief creative officer. “In addition to the huge creative opportunity this affords Pow, it also provides for the next positive stage in the expansion of the company itself."
Disney shares closed down 3 cents, or less than 1 percent, to $32.25 on the New York Stock Exchange. Pow shares closed up 1.5 cents, or 30 percent, to 6.5 cents on the Pink Sheets.
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