MUMBAI: POW! (Purveyors of Wonder) Entertainment Inc, led by comic book and motion picture icon Stan Lee, is deepening its ties with The Walt Disney Company.
"Enhancing our relationship with one of the world’s most creative and innovative entertainment companies makes perfect sense given all the exciting projects we have underway. Disney has been a great partner for us and we look forward to working closely with them in the coming years. In addition to the huge creative opportunity this affords POW!, it also provides for the next positive stage in the expansion of the company itself," said Lee, Chairman and Chief Creative Officer of POW!
Walt Disney Studios entered into a first-look deal with POW! in 2007 and since then has worked closely with the world-renowned Lee on the development of a number of projects. Under the new arrangement, Walt Disney Studios expands that relationship through enhanced rights to the creative output of POW! as well as certain exclusive consulting services. Disney will also take a 10% equity stake in POW! for $2.5 million.
Earlier this year, Disney agreed to acquire Marvel Entertainment Inc., the company that owns the most iconic characters associated with Lee, including Spider Man, The Incredible Hulk and X Men. Marvel shareholders were expected to vote today on the transaction.
"Stan has incredible creative energy and continues to come up with great original stories that can work across many of our platforms, ranging from console games to motion pictures and from our boys-focused Disney XD network to mobile devices. Put that together with his knowledge and familiarity of the Marvel universe and it makes perfect sense to extend our excellent working relationship with Stan and POW!" said Bob Chapek, president, Worldwide Distribution, Walt Disney Studios.