The agreed deal is structured as a cash and stock offer, worth $50 a share based on Disney’s closing share price on Friday. Shares in Marvel jumped $10.35 or 27 per cent to a record high of $49 on the announcement. Disney shares were 1.6 per cent lower at $26.40.
The transaction would combine Marvel’s globally recognised brand and 5,000 characters with Disney’s creative skills, portfolio of entertainment properties, and “a business structure that maximises the value of creative properties across multiple platforms and territories,” said Bob Iger, Disney’s chief executive.
Disney is offering $30 per share in cash plus about 0.745 Disney shares for each Marvel share, but will adjust the amount of cash and stock if necessary at the closing of the deal so that Disney stock makes up no less than 40 per cent of the total.
The offer underscores Disney’s reputation as one of the media groups that has best weathered the storm of plunging advertising revenues and weak consumer spending. It also highlights the continued balance sheet strength of some of the sector’s largest groups.
The combination, which will depend on clearance from antitrust authorities, could bring brands that have become highly successful box office franchises to Disney’s studio. At present, Spider-Man and Iron Man films are made by other studios.
Disney could also bring the cartoon characters to its children’s television channels and websites, and to theme parks around the world.
“Disney is the perfect home for Marvel’s fantastic library of characters given its proven ability to expand content creation and licensing businesses,” said Ike Perlmutter, Marvel’s chief executive and largest shareholder.
“This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney’s tremendous global organisation and infrastructure around the world,” he added.
Posted by GoS @ Gamescore
Maybe can see a Spiderman Vs Mickey somewhere down the line.. muahaha..
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