(comingsoon.net) A huge announcement this morning - Disney is going to acquire Marvel Entertainment for $4 billion!
Building on its strategy of delivering quality branded content to people around the world, The Walt Disney Company has agreed to acquire Marvel Entertainment, Inc. in a stock and cash transaction, the companies announced today.
Under the terms of the agreement and based on the closing price of Disney on August 28, 2009, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own. At closing, the amount of cash and stock will be adjusted if necessary so that the total value of the Disney stock issued as merger consideration based on its trading value at that time is not less than 40% of the total merger consideration.
Based on the closing price of Disney stock on Friday, August 28, the transaction value is $50 per Marvel share or approximately $4 billion.
“This transaction combines Marvel’s strong global brand and world-renowned library of characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor with Disney’s creative skills, unparalleled global portfolio of entertainment properties, and a business structure that maximizes the value of creative properties across multiple platforms and territories,” said Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company. “Ike Perlmutter and his team have done an impressive job of nurturing these properties and have created significant value. We are pleased to bring this talent and these great assets to Disney.”
“We believe that adding Marvel to Disney’s unique portfolio of brands provides significant opportunities for long-term growth and value creation,” Iger said.
“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 Officer. “This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney’s tremendous global organization and infrastructure around the world.”
Under the deal, Disney will acquire ownership of Marvel including its more than 5,000 Marvel characters. Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.
The Boards of Directors of Disney and Marvel have each approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, effectiveness of a registration statement with respect to Disney shares issued in the transaction and other customary closing conditions. The agreement will require the approval of Marvel shareholders. Marvel was advised on the transaction by BofA Merrill Lynch.
UPDATE #1: In a conference call, the companies said that the deals for movies for characters at other studios (Spider-Man, X-Men, etc.) will stay in place under the terms set by Marvel and the other studios.
UPDATE #2: John Lasseter met with Marvel last week about a possible team-up between Marvel and Pixar and got "pretty excited, pretty fast." They say there's definitely an opportunity there.
UPDATE #3: The deal with Paramount Pictures to distribute "Iron Man 2," "Thor," "Captain America" and "The Avengers" stays in place as well, but Disney would like to self-distribute down the line. "When the time comes we'll take a closer look at it." It was actually stated that the deal still included five films, so that is one more film after "The Avengers."
Building on its strategy of delivering quality branded content to people around the world, The Walt Disney Company has agreed to acquire Marvel Entertainment, Inc. in a stock and cash transaction, the companies announced today.
Under the terms of the agreement and based on the closing price of Disney on August 28, 2009, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own. At closing, the amount of cash and stock will be adjusted if necessary so that the total value of the Disney stock issued as merger consideration based on its trading value at that time is not less than 40% of the total merger consideration.
Based on the closing price of Disney stock on Friday, August 28, the transaction value is $50 per Marvel share or approximately $4 billion.
“This transaction combines Marvel’s strong global brand and world-renowned library of characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor with Disney’s creative skills, unparalleled global portfolio of entertainment properties, and a business structure that maximizes the value of creative properties across multiple platforms and territories,” said Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company. “Ike Perlmutter and his team have done an impressive job of nurturing these properties and have created significant value. We are pleased to bring this talent and these great assets to Disney.”
“We believe that adding Marvel to Disney’s unique portfolio of brands provides significant opportunities for long-term growth and value creation,” Iger said.
“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 Officer. “This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney’s tremendous global organization and infrastructure around the world.”
Under the deal, Disney will acquire ownership of Marvel including its more than 5,000 Marvel characters. Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.
The Boards of Directors of Disney and Marvel have each approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, effectiveness of a registration statement with respect to Disney shares issued in the transaction and other customary closing conditions. The agreement will require the approval of Marvel shareholders. Marvel was advised on the transaction by BofA Merrill Lynch.
UPDATE #1: In a conference call, the companies said that the deals for movies for characters at other studios (Spider-Man, X-Men, etc.) will stay in place under the terms set by Marvel and the other studios.
UPDATE #2: John Lasseter met with Marvel last week about a possible team-up between Marvel and Pixar and got "pretty excited, pretty fast." They say there's definitely an opportunity there.
UPDATE #3: The deal with Paramount Pictures to distribute "Iron Man 2," "Thor," "Captain America" and "The Avengers" stays in place as well, but Disney would like to self-distribute down the line. "When the time comes we'll take a closer look at it." It was actually stated that the deal still included five films, so that is one more film after "The Avengers."
Rhythm and Hues India Seeks Partners for Co-Productions
(dnaindia.com)
The Hollywood-based company, with operations in Mumbai and Hyderabad, will raise $100 million. The amount will then be used in various animated co-productions.
Prashant Babu Buyyala, managing director, Rhythm and Hues India, told DNA Money "We are currently putting together several ideas for original content. In the meanwhile, we are also taking to various studios in Hollywood as well as independent funds."
According to Buyyala, creating a full-length animation feature is expensive as it costs around $75-125 million. This makes it difficult for the company to independently finance a movie.
Currently, Rhythm and Hues gas 250 employees in its India facilities. The move to produce original content may see the company increasing its head count in the country.
Animation films have been doing well in the global box office in the past few years. According to Nasscom, the global animation market will be worth about $80 billion by 2010. This phenomenal growth will see vying for a significant slice of the outsourcing pie in animation and visual effects.
Rhythm and Hues is recognised internationally as one of Hollywood's top visual effects and animation facilities and has more than 100 feature films to its credit. It was awarded an Oscar for Achievement in Visual Effects at the 80th Annual Academy Awards in February for its animation and effects work for "The Golden Compass." It has done the VFX work for summer movies including The Mummy: Tomb of the Dragon Emperor and the Incredible Hulk. A large chunk of the special effects for these movies were carried out in its Indian studios.
"Clash of the Titans" Pushes the VFX Richter Scale to 11
(MTV.com) Last week, we spread the word that MTV's movie extravaganza, "Behind the Screen," would be returning to the airwaves with "Jennifer's Body" star Megan Fox talking candidly about her girl-on-girl make-out sessions and post-smooch giggling fits.
We also teased an intriguing bit of news regarding the remake of the action/fantasy hybrid "Clash of the Titans": MTV has an exclusive sneak peek at the movie's U.K. set and all the ridiculously cool action that went down there. And when "Behind the Screen" airs on Friday at 7 p.m., you'll have a chance to check it out for yourselves.
As star Sam Worthington explained to MTV News, the big-budget action in "Titans," based on the Greek legend of Perseus, blows the original film out of its low-tech 1981 sandals.
"Nowadays, you have the privilege of CG," the "Terminator Salvation" star said. "So what the guys and [director] Louis [Leterrier] have set out to do is raise the Richter scale to 11 in the sense of the scorpions are the size of dump trucks, and Medusa's a lot quicker, a lot scarier."
Entrepreneur Purchases Controlling Interest in Kerner Optical
(variety.com)
Kerner Group began as the former Industrial Light & Magic models-and-miniatures shop. Its businesses also extend to advanced video compression software called FrameFree and 3-D camera rigs for stereoscopic movies. In addition, Kerner has plans for a 3-D TV network.
Terms for the acquisition were not disclosed. Edmeades closed the deal and assumed the CEO post last week.
Kerner's current management will otherwise remain in place.
Edmeades told Daily Variety that the deals for Kerner's 3-D broadcasting plans (Daily Variety, April 15) had to be put on hold while he completed his acquisition. He said those efforts are now being resumed, though what approach Kerner will take to 3-D broadcasting is still being investigated.
"We are also getting back into film production," said Edmeades, "which is something that Kerner largely left behind when it left the Lucasfilm family. We are excited about getting back to moviemaking and, of course, we will be focusing on live-action 3-D feature films and, when the time comes, television programming."
The company's FrameFree compression software is also going to be applied to 3-D, he said.
"The next release of FrameFree will allow anyone who wants to get in on 3-D to produce HD commercials in 3-D that can be shown in cinemas, on the coming 3-D laptops or in homes as the 3-D home cinema industry takes off," Edmeades said.
"Nothing is more convincing than a genuine explosion or a genuine textured practical effect combined with great composition and CG," he said.
Edmeades also said the surging number of 3-D titles will create demand for high-quality 3-D camera rigs, which are in short supply.
Kerner's staff, most of whom have been there for many years, have extended their experience in electronics and engineering to fields far beyond f/x. For example, their creature shop is working on extremely lifelike dummies for training combat medics, and their electronics experts are working on a new approach to autostereo (3-D without glasses) flatscreen monitors.
Fox Takes Predator Reboot To Hawaii
(darkhorizons.com)
VFX Companies Presenting at North Carolina Museum of Life and Science
(vizworld.com)
The event features a variety of high-profile companies and individuals that have worked behind the scenes in the film making industry. Applied Science International, LLC (ASI), a Durham based engineering software development company will present its newest software, SLAM FX, which was used to create captivating destruction visual effects for the box office hit GI Joe. Currently the visual effects software tool is only available to select film makers; however ASI plans to officially release SLAM FX to the general public in early 2010.
Joel Silver Wants to Make a Swamp Thing Revamp in 3D?
(firstshowing.net)
Swamp Thing is DC Comic property that Wes Craven turned into a film in the early 80s about a scientist who gets accidentally transformed into a swamp plant monster. It's not something I necessarily think of as a classic, but I really don't follow it closely enough. However, as a campy 3D remake, I'm just not sure. I like the idea of remaking Piranha in 3D just because I've heard they're going all out - spilling more blood than has ever spilled before. But Swamp Thing? In 3D? I don't know, just not something I can get behind for the time being. It depends on who they get to write and direct it, right? Those are the more important decisions.
Of course, this is all in the very early development stages. When Collider tried to ask Silver for more details, he simply replied with: "Maybe going to do it. I like it." I'm sure we'll hear more soon. Anyone excited?
Pixar's The Incredibles in 3D
(sellyourtvconceptnow.com)
"Green Hornet" Delayed Five Months
(darkhorizons)
Originally scheduled for July 7th, the Seth Rogen-led and Michel Gondry-directed tentpole will now bow on December 17th 2010. The film takes over the slot put aside for Sony's CG and live-action combination take on the classic cartoon "The Smurfs" which itself will likely be pushed into 2011.
Filming hasn't yet begun on 'Hornet' and no official reason was given, though Rogen himself told HitFix that he was relieved about the delay as it gives the filmmakers a lot "more time to finish and promote the movie".
The delay also means the film will likely see a huge push at next year's San Diego Comic Con in late July.
Green-Screen VFX Are now Child's Play, Literally
(wired.com)
Fast-forward thirty-something years and not only have hairbrushes become passé, but blue screens turned green and this magnificent future-tech is now available at home. Yoostar is a green-screen kit which comes complete with “studio-grade webcam” (whatever that is), green-screen, stand and remote control. Now, you could use this to make your own amazing films, but instead Yoostar wants you to defile the memories of great movies in your own virtual hairbrush/microphone game, and to this despicable end 12 movies scenes are included for your insertion pleasure.
Further, once you are bored of these, there is a whole marketplace where you can buy extra clips for $2 each. This appears to be very much like the cellphone ringtone market: overpaying for snippets. The Yoostar kit will cost $170 and has one saving feature. There are clips available from the best movie ever made, a movie I have seen almost 50 times. A movie whose dialog I know backwards. What is it? Here' your clue:"Oh well, he's very popular, Ed. The sportos and motorheads, geeks, sluts, bloods, waistoids, dweebies, dickheads - they all adore him. They think he's a righteous dude."
What the kit looks like: http://www.ohgizmo.com/wp-
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