Rejoice, Marvel fans.
Spider-Man isn’t leaving the Marvel cinematic universe after all.
Sony Pictures and Marvel Studios have reportedly come to an agreement that will ensures the web-slinger will continue to be a part of the comic book movie franchise’s future plans, according to Variety.
The two companies jointly announced that Marvel Studios and its president, Kevin Feige, will produce the third movie in the Spider-Man franchise. The upcoming film will once again star Tom Holland as Peter Parker/Spider-Man, Variety said.
Its a reversal that should be welcome to Marvel fans, many of whom were distraught when the news broke over the summer that Disney, Marvel’s parent company, and Sony, which owns the film rights to Spider-Man, had reached an impasse over a new financing deal, Variety said.
Disney was reportedly seeking a 50/50 split of financing, with Feige remaining in a consulting producer capacity. Sony was reportedly in favor of the status quo, which stipulated Marvel received about five percent of first-dollar gross and all merchandising revenues.
The new agreement was signed Thursday night, Variety said.
Under the terms of the new deal, in exchange for lending Feige’s producing prowess, Marvel and Disney will receive roughly 25% of the profits, insiders told Variety. Disney will retain its merchandising rights. As part of the arrangement, Spider-Man will also appear in one future Marvel Studios film.
The film is scheduled for release on July 16, 2021. Amy Pascal will also produce through Pascal Pictures, as she has on the first two Holland-led films.
“I am thrilled that Spidey’s journey in the MCU will continue, and I and all of us at Marvel Studios are very excited that we get to keep working on it,” said Feige in a statement to Variety. “Spider-Man is a powerful icon and hero whose story crosses all ages and audiences around the globe. He also happens to be the only hero with the superpower to cross cinematic universes, so as Sony continues to develop their own Spidey-verse you never know what surprises the future might hold.”
Marvel has licensed the rights to Spider-Man to Sony for nearly two decades, an agreement they forged prior to Disney’s $4 billion acquisition of the comics company in 2009, according to Variety.
Sony achieved critical and financial acclaim with its first round of Spider-Man movies, which were directed by Sam Raimi and starred Tobey Maguire. Its second effort, starring Andrew Garfield and directed by Marc Webb, were much less successful, sending the studio back to the drawing board.
By bringing Marvel and Feige back into the fold with 2017’s “Spider-Man: Homecoming,” the studio was able to recapture the creative mojo of the first series, Variety said. It also got a boost from having Holland’s web-spinner appear in Avengers movies, with Spidey becoming a key member of the super-team.
Sony told Variety it was pleased that a deal had been reached.
“We have had a great collaboration over the last four years, and our mutual desire to continue was equal to that of the many fans,” said Robert Lawson, chief communications officer for Sony Pictures Entertainment. “We are delighted to be moving forward together.”