Monday, August 31, 2009
Walt Disney new owner of Spider-Man and Iron Man
Walt Disney agreed to buy Marvel Entertainment Inc, for about $4 billion in cash and stock, adding comic-book characters Iron Man and Spider-Man to Disney’s lineup of princesses and live-action stars. Marvel investors will receive $30 a share in cash plus 0.745 Disney shares, the companies said on Monday. The deal is Disney’s fourth-largest acquisition by announced total value, according to data complied by Bloomberg. The purchase gives Disney, the operator of theme parks and the ABC broadcast network, ownership of more than 5,000 Marvel characters. Films based on Iron Man, Spider-Man and Wolverine have pulled in hundreds of millions at the box office. Disney CEO Robert Iger said buying Marvel will allow Disney to extend characters in its parks and stores. Based on the Aug. 28 closing price of Disney’s stock, the transaction values Marvel at $50 a share. That’s a 29% premium to Marvel’s closing price that day.