Walt Disney Studios studios have announced they now have the worldwide distribution rights for upcoming Marvel Studios films 'The Avengers' and 'Iron Man 3'. Paramount will remain the worldwide distributor of the upcoming films, Thor and Captain America: The First Avenger, as well as the previously released Iron Man and Iron Man 2.Under terms of the new deal, Disney will pay Paramount $115 million for the transfer of the distribution rights to Iron Man 3 and The Avengers to be paid on the theatrical release dates. These monies will serve as a minimum guarantee against the distribution fees. Disney and Paramount officials had this to say:
"In completing this agreement, Disney will now assume worldwide marketing and distribution of 'The Avengers' and 'Iron Man 3' and leverage these two highly-anticipated films across the multiple global platforms of The Walt Disney Company," said Rich Ross, Chairman of The Walt Disney Studios. "We appreciate the tremendous momentum that Paramount established with these iconic Marvel characters and look forward to propelling the brand even further in the coming years."Disney is planning a May 3, 2013 release date for Iron Man 3
"Five years ago, when Paramount and Marvel made our initial deal, both our businesses were in very different places," said Brad Grey, Chairman & CEO of Paramount Pictures. "We are grateful for the partnership we have had with the terrific Marvel team over these years and proud of the work we have done together. Today, this new agreement is the right deal for Paramount, for Marvel and for Disney. We look forward to working together on 'Thor' and 'Captain America,' and we wish Disney and Marvel the utmost success, in what we know will be a very productive and wide-ranging partnership."
"Paramount has been a wonderful partner in helping Marvel Studios bring our characters to the big screen," said Alan Fine, Office of the President, Marvel Worldwide, Inc. "This agreement makes sense now that Marvel is part of The Walt Disney Company."
