POW! Entertainment announced today that it is "deepening its ties" with the Walt Disney Company. POW!, of course, is the entertainment company headed by Stan Lee, co-creator of many of Marvel's biggest characters. Disney already has a first-look deal with POW! for the various projects the company is creating (which includes Disney's Time Jumper and a couple of live action features, as listed here), but now Disney will have "enhanced rights to the creative output of POW!" and "exclusive consulting services." I'm not sure exactly what that means, but I imagine we'll find out once everyone has the opportunity to dive into this a little deeper after the holiday weekend. Disney is also buying a 10 percent equity stake in POW! for $2.5 million.
The complete press release is available after the jump.
Addendum: Oh yeah, for your press release collection, here's Disney's PR on the close of the Marvel deal today.
Building on an already successful three year creative and business relationship, POW! (Purveyors of Wonder) Entertainment Inc. (Pink Sheets: POWN), the advanced media and entertainment company led by comic book and motion picture icon Stan Lee, announced today it 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," said Lee, Chairman and Chief Creative Officer of POW! "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."
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," said Bob Chapek, President, Worldwide Distribution, Walt Disney Studios. "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!"
ABOUT POW! (PURVEYORS OF WONDER) Entertainment, Inc.: An advanced media and entertainment company with a first-look deal with Disney, POW! was founded by Stan Lee, together with award winning producer Gill Champion and intellectual property specialist Arthur Lieberman Esq., to create, produce and license original intellectual properties. POW! specializes in franchises for the entertainment industry, including animation and live-action feature films, plus television, DVDs, video games, merchandising and related ancillary markets, all of which contribute to global expansion. To find out more, check out www.powentertainment.com.