Marvel Enterprises paid off a $525 million debt to finance 10 films based on its characters. These independently financed films will mean more profit potential for Marvel and more control over production and release dates.
Paramount will distribute the films. The first of the films is due in theaters in the summer of 2008 and Marvel will change its name to Marvel Entertainment Inc., reflecting the company's expanding Hollywood presence.
The characters in the arrangement are Captain America, The Avengers, Nick Fury, Black Panther, Ant-Man, Cloak & Dagger, Dr. Strange, Hawkeye, Power Pack, and Shang-Chi. Each film is expected to have a budget of up to $165 million. Marvel plans to use the financing to make live-action films.
In its release, Marvel also noted that Punisher 2 is expected to join Ghost Rider and X3 as a 2006 release.