September 29, 2008
Marvel Studios Enters Into New Worldwide Distribution Agreement With Paramount
HOLLYWOOD, Calif., Sept. 29 /PRNewswire-FirstCall/ -- Paramount Pictures, a unit of Viacom, Inc. and Marvel Studios, a subsidiary of Marvel Entertainment, Inc. today announced an agreement under which Paramount will distribute Marvel's next five self-produced feature films on a worldwide basis. The deal, an extension of the original agreement made by Brad Grey when he arrived as CEO and Chairman of Paramount Pictures, includes theatrical distribution in foreign territories previously serviced by Marvel through local distribution entities (Japan, Germany, France, Spain and Australia/New Zealand). The distribution pact capitalizes on Marvel and Paramount's successful efforts with "Iron Man," which has grossed $574 million worldwide for Marvel.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991206/PARLOGO)The highly anticipated live action releases include "Iron Man 2" (May 7, 2010)*, "Thor" (July 16, 2010), "The First Avenger: Captain America" (May 6, 2011), and "The Avengers" (July 15, 2011). The distribution agreement also includes "Iron Man 3."
"Coming off of Iron Man's incredible success this summer, we could not be more excited about extending our relationship with Marvel," said Rob Moore, Vice Chairman of Paramount Pictures. "Marvel's iconic brand, its popular characters and its proven ability to create compelling and visually spellbinding films complement Paramount's great history of filmmaking. We look forward to a long and successful run together."
"Paramount is an excellent partner and an outstanding global distributor," said David Maisel, Chairman of Marvel Studios. "Through our experience on Iron Man, Paramount has demonstrated a passion and ability to release Marvel properties theatrically, allowing us to focus on making great movies for the largest audience possible."
Marvel's "Iron Man," starring Robert Downey Jr. and directed by Jon Favreau, was distributed by Paramount earlier this year and was one of the top films of 2008. The DVD, including a version in Blu-ray, will be released on September 30, 2008.
Marvel Entertainment, Inc. is one of the world's most prominent character-based entertainment companies, built on a proven library of over 5,000 characters featured in a variety of media over seventy years. Marvel utilizes its character franchises in licensing, entertainment (via Marvel Studios and Marvel Animation) and publishing (via Marvel Comics). Marvel's strategy is to leverage its franchises in a growing array of opportunities around the world, including feature films, consumer products, toys, video games, animated television, direct-to-DVD and online. For more information visit http://www.marvel.com/.
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom , a leading content company with prominent and respected film, television and digital entertainment brands. The company's labels include Paramount Pictures, Paramount Vantage, Paramount Classics, MTV Films, Nickelodeon Movies and DreamWorks Studios. PPC operations also include Paramount Digital Entertainment, Paramount Famous Productions, Paramount Home Entertainment, Paramount Pictures International, Paramount Licensing Inc., Paramount Studio Group, and Worldwide Television Distribution.
* Iron Man 2 will be distributed in Germany by Telemunchen, pursuant to a previous agreement it had with Marvel.
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. The following factors, among others, could cause actual results to differ materially from those expressed in any forward-looking statements: (i) Marvel Studios' potential inability to attract and retain creative talent, (ii) the potential lack of popularity of Marvel's films, (iii) the expense associated with producing films, (iv) union activity or other events which could interrupt film production, including strikes by Hollywood writers, directors and actors, (v) changes or disruptions in the way films are distributed, including a decline in the profitability of the DVD market, (vi) piracy of films and related products, (vii) that Marvel will depend on Paramount Pictures for the implementation of internal controls related to the accounting of film-distribution activities, (viii) Marvel's potential inability to meet the conditions necessary for an initial funding of a film under its $525 million film slate borrowing facility, (x) Marvel's potential inability to obtain financing to make more than four films if certain tests related to the economic performance of the borrowing facility are not satisfied (specifically, an interim asset test and a foreign pre-sales test) and (xi) fluctuations in reported income or loss related to the accounting of film-production activities.
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.
Contact: Patti Rockenwagner / Paramount Pictures 323-956-5011 or [email protected] Melissa Zukerman / Marvel Studios 323-658-1555 or [email protected] Paul Pflug / Marvel Studios 323-658-1555 or [email protected]
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Paramount Pictures; Marvel Studios
Web site: http://www.marvel.com/