A teaser trailer for Spider-Man’s latest adventure in the Marvel Cinematic Universe went up on Wenesday, energizing fans who’ve been waiting for Spider-Man: Homecoming, which is headed to the big screen on July 7, 2017.
Investors should be similarly excited. Not investors in Disney, which now owns Marvel — investors on Sony (NYSE: SNE). A February 2015 deal to allow the web-slinger to appear in Marvel Studios’ movies allows Sony to continue making (and profiting from) films starring Spidey. The House of Mouse won’t share in the profits.
If that sounds strange, that’s because it is. For years, investors have been treated to unofficial reports of fighting between Twenty-First Century Fox (NASDAQ: FOX)(NASDAQ: FOXA), which controls rights to Marvel characters tied to the X-Men and Fantastic Four franchises. Only recently have Fox and Marvel begun cooperating to support the upcoming FX television series Legion, which tells the story of a team of young mutants set in Fox’s version of the Marvel Universe. The structure of Sony’s deal with Marvel may have influenced the thaw.
According to a February report in Variety, Sony retains not only the rights to make Spiderman movies at its discretion but also keep the profits. Marvel and its parent will consult on those films and retain the right to add Spidey to MCU movies. And the price of this deal? Zero. Nada. Zilch.
Sony investors must be loving this arrangement, especially after the disaster that was The Amazing Spider-Man 2. The lowest grossing of Sony’s five films starring the wall-crawler — both globally and domestically — ASM 2 got approval from just 52% of critics and 65% of audiences, who also gave it a “meh” B+ CinemaScore. Combined the ratings help to explain why Sony chose to partner with Marvel and give actor Tom Holland a shot as the hero.
If the box office numbers from his first movie appearance, in last year’s Captain America: Civil War, are any indicator — $408.1 million domestically, $1.15 billion worldwide — it was a smart decision. And this time, with Homecoming, it’s Sony that will reap the financial rewards.
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Tim Beyers owns shares of Walt Disney and has the following options: long January 2017 $85 calls on Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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