Walt Disney Co. said late Monday it reached a deal with Paramount Studios to take over marketing and distribution of the Marvel Comics films, "The Avengers" and "Iron Man 3."
The Burbank entertainment giant, which acquired Marvel Entertainment for $4 billion last year, will pay Paramount $115 million for rights to the movies, which will be distributed through the Walt Disney Studios unit. The amount will be paid on the films’ theatrical release dates and is a minimum guarantee that could increase based on box office performance.
"Avengers" is scheduled to be released in 2012, with the latest in the "Iron Man" franchise set for 2013.
“Five years ago, when Paramount and Marvel made our initial deal, both our businesses were in very different places,” said Paramount Chief Executive Brad Grey in a statement. “Today, this new agreement is the right deal for Paramount, for Marvel and for Disney.”
Paramount will remain the worldwide distributor of two Marvel films set to hit theaters next year, "Thor" and "Captain America," according to the companies, which have shared some marketing and distribution deals in the past.
The announcement was made before the close of markets, which saw Disney shares down 13 cents, or less than a percent, to $34.75 on the New York Stock Exchange.
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