1 Sep 2009

Disney to buy Marvel Entertainment

4:53 pm on 1 September 2009

Entertainment giant Walt Disney is to buy Marvel Entertainment in a $US4 billion shares and cash deal.

The BBC reports the deal means Disney will take over ownership of 5,000 Marvel characters, such as Spider-Man and the X-Men.

The boards of Disney and Marvel have both approved the deal, which now needs the backing of Marvel shareholders and competition authorities.

Last month, Walt Disney reported a fall in profits of more than a quarter as the downturn hit revenue at its film and theme park divisions.