MARVEL INITIATES FUNDING FOR ITS FIRST SELF-PRODUCED FEATURE FILM, IRON MAN, PURSUANT
Marvel Announces Deals with Leading International Film Distributors,
Highly-Anticipated IRON MAN Starring Robert Downey Jr., Gwyneth Paltrow,
Terrence Howard and Jeff Bridges, and Being Directed by Jon Favreau,
to Commence Principal Photography on March 12;
Film To Hit Theaters May 2, 2008
Los Angeles, CA (February 27, 2007) -- Marvel Entertainment, Inc. (NYSE: MVL) announced today that it has satisfied all funding requirements under the Company's previously announced $525 million non-recourse credit facility and has begun borrowing from the facility to finance its first self-produced and financed feature film, Iron Man. Additionally, Marvel has finalized distribution deals for Iron Man and The Incredible Hulk in the international territories for which it controls distribution rights. Paramount Pictures will distribute Iron Man and Universal Pictures will distribute The Incredible Hulk in North America and all other international territories. Iron Man is scheduled to be released May 2, 2008, kicking off the Summer 2008 movie season with The Incredible Hulk scheduled to follow in June of 2008.
Produced by Marvel Studios, Iron Man features a star-studded cast headed by Oscar nominee Robert Downey Jr. as Tony Stark/Iron Man, Oscar nominee Terrance Howard as Jim "Rhodey" Rhodes, Oscar winner Gwyneth Paltrow as Virginia "Pepper" Potts and Oscar nominee Jeff Bridges, who will play a close business associate of Tony Stark. The film tells the story of Tony Stark, a billionaire industrialist and genius inventor who is kidnapped and forced to build a devastating weapon. Instead, using his intelligence and ingenuity, Tony builds a high-tech suit of armor and escapes captivity. When he uncovers a nefarious plot with global implications, he dons his powerful armor and vows to protect the world as Iron Man. The film is being directed by Jon Favreau, and principal photography will begin in Los Angeles on March 12.
On the distribution side, Marvel Studios has secured agreements with top international distributors for Iron Man and The Incredible Hulk. Sony Pictures has acquired the distribution rights for these films in Japan and Spain, while top independents SND/M6 and Tele Müenchen have signed on for France and Germany, respectively. Paramount Pictures has picked up Australia/New Zealand for these films and the next film distributed by Paramount under its overall film slate agreement with Marvel. As previously announced, Paramount will distribute Iron Man and Universal Studios will distribute The Incredible Hulk in North America and in all other international territories.
MVL Film Finance LLC, a special purpose, bankruptcy-remote indirect subsidiary of Marvel is the borrower under the facility. The borrowings are non-recourse to Marvel Entertainment and its other affiliates.
About Marvel Entertainment, Inc.
With a library of over 5,000 characters, Marvel Entertainment, Inc. is one of the world's most prominent character-based entertainment companies. Marvel's operations are focused on utilizing its character franchises in licensing, entertainment, publishing and toys. Areas of emphasis include feature films, DVD/home video, consumer products, video games, action figures and role-playing toys, television and promotions. Rooted in the creative success of over sixty years of comic book publishing, Marvel's strategy is to leverage its character franchises in a growing array of opportunities around the world. For more information visit
www.marvel.com.
™ & ©: 2007 Marvel Entertainment, Inc. and subsidiaries, all rights reserved.
Except for any historical information that they contain, the statements in this news release regarding Marvel's plans are forward-looking statements that are subject to certain risks and uncertainties, including unexpected delays in the production of the Iron Man and/or The Incredible Hulk films or that Marvel may be delayed in meeting its lender's conditions for funding The Incredible Hulk film under its film slate facility. These and other risks and uncertainties are described in Marvel's filings with the Securities and Exchange Commission, including Marvel's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Marvel assumes no obligation to publicly update or revise any forward-looking statements.
