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Marvel, Stan Lee Settle Litigation; Marvel to Produce Own Films for Paramount

Authored by Mark Hefflinger on April 28, 2005 - 6:27am.
New York -- Comic book publisher Marvel Enterprises announced on Thursday that it has settled all outstanding litigation with legendary comic book author Stan Lee, the creator of "Spider-Man," "The X-Men" and "The Incredible Hulk." Lee sued Marvel in November 2002, claiming Marvel had failed to pay him a share of its profits from "Spider-Man" movies and other film and TV properties that utilized his creations. The settlement covers both past and any potential future payments to Mr. Lee; Marvel's first quarter results cite a one-time $10 million charge attributed to the successful resolution of the litigation. "Stan is one of the founders of today's comic book industry. We are pleased with the settlement and are happy to have resolved all of our disputes with him," said Marvel general counsel John Turitzin. Following the settlement, Marvel announced that it has entered into an agreement with Paramount Pictures, to produce its own slate of films featuring its stable of comic book characters. The company added that it has secured a $525 million, seven-year credit facility with Merrill Lynch to finance production of the films. Marvel will deliver up to ten films to Paramount over the next eight years, beginning with "Captain America" and "Nick Fury."
tags: Law | Marvel | Paramount | Litigation | Stan Lee | Own Films |