×
You will be redirected back to your article in seconds

Marvel stock soars on rev outlook

Comic book co. gets back its Hulk

After months of pessimism, Marvel turned into Mr. Fantastic on Thursday after it issued improved projections for 2006.

Comicbook firm’s stock shot up nearly 10%, to $17.58, after it upped revenue estimates by more than 15%.

Company also revealed that its Marvel Studios arm has reclaimed the rights to the Hulk franchise from Universal.

In November, Marvel had predicted 2006 revenues of $270 million-$320 million, in part because few of the company’s properties were being released as studio pics this year. Since that projection, Sony has pushed back the release date for “Ghost Rider” to 2007, but Marvel still said it was increasing its estimates to the $300 million-$350 million range. Company will release straight-to-vid pic “Ultimate Avengers 2” this year in partnership with Lionsgate.

Marvel Studios chair-CEO Avi Arad said unit had reacquired rights to Hulk pics from U because the latter had not met its deadlines for beginning principal photography on the next Hulk project. U still retained distrib rights on any sequels, while Marvel will control all licenses.

Marvel has previously indicated that it is considering a direct-to-video release for “Hulk 2.” Marvel CEO Peter Cuneo recently said former “The X-Files” star David Duchovny was a front-runner to replace Eric Bana in film’s title role.

But Marvel execs said it’s unlikely Marvel will finance any Hulk sequels — or “Iron Man,” whose rights it reacquired from New Line in November — with its own funds. Marvel received an injection of $525 million in Wall Street money in 2005 as it announced plans for its own slate.

Marvel’s stock spike occurred despite fourth-quarter falloff in revenue from $30 million to $26 million.

In the frame, company took a one-time writedown of $12.5 million on the early termination of a licensing deal with Toy Biz. Marvel is switching over to Hasbro for its toy licensing.

Company also pointed to manufacturing disruptions with Toy Biz that resulted in tie-in sales for “Fantastic Four” coming in lower than expected.

Cuneo described a “transitional year” in which the “business model is changing” because of the development of the slate and more direct-to-video pics, with licensing deemphasized.

Company is developing Captain America and Nick Fury projects for its new slate that Arad said could debut by as early as summer 2008.

Arad also said that “Ghost Rider” was moved from July 2006 to February 2007 to avoid putting the pic in a “traffic jam.” And studio also plans on hiring more production staff in 2007 as slate begins to take shape.

More Scene

  • Clint Eastwood and Alison Eastwood'The Mule'

    Clint Eastwood: Why Alison Eastwood Came Out of Acting Retirement for Her Dad

    Clint Eastwood’s daughter Alison Eastwood was done with acting after appearing in 2014’s “Finding Harmony.” Or so she thought. It was a Friday night and she and her husband were heading to dinner when her father’s producer Sam Moore called. “He [says], ‘You know, your dad wants you to do this film,” Alison recalls. “I [...]

  • John CenaSports Illustrated Sportsperson of the

    John Cena on WWE's Acceptance by Hollywood and the Professional Sports World

    John Cena says the WWE is finally getting the attention it deserves by Hollywood and the professional sports world. “I’m just glad that no longer are we looked down upon, not only by the sport industry, but by the performing arts industry,” Cena told Variety on Tuesday night in Beverly Hills at Sports Illustrated’s Sportsperson of [...]

  • Steve Carell Welcome to Marwen

    Steve Carell on New Film 'Welcome to Marwen' and Reprising His 'Anchorman' Character

    In 2000, Mark Hogancamp was nearly beaten to death by five men outside of a bar. Left with brain damage and little money to afford therapy, Hogancamp began creating miniature doll versions of himself, his friends, and his attackers as a way to cope. This true story inspired the 2010 documentary “Marwencol” and the upcoming [...]

  • Christian Bale'Vice' film premiere, Arrivals, Los

    Christian Bale Recalls Meeting Donald Trump: 'He Thought I Was Bruce Wayne'

    With Christian Bale‘s latest film, “Vice,” a political dramedy, it’s inevitable ties will be drawn between the film and the current political administration and its chief, President Donald Trump. On the red carpet for the premiere of “Vice,” Bale, who stars as former Vice President Dick Cheney, shared that he met the current president while [...]

  • Amy Poehler Is Ready for a

    Amy Poehler Is Ready for a 'Parks and Rec' Reunion

    Is Amy Poehler just getting our hopes up? We hope not, because the funny lady tells Variety that she’s ready for a “Parks and Recreation” reunion. “I am technically available,” Poehler said on Monday at Smart Girls’ 10th anniversary celebration dinner. “I have like six of Leslie’s blazers in my closet, so anytime.” “Parks and Recreation” [...]

  • Meredith Walker, Rashida Jones, Amy Poehler,

    Inside Amy Poehler's Smart Girls 10th Anniversary Dinner (EXCLUSIVE)

    “I’ve made an observation I’d like to share. I’m the only one that’s eaten my crab cake,” joked Amy Poehler as she addressed the room during the round robin introductions being made at her Smart Girls 10th anniversary dinner on Monday night. The 16 women at the table, who were so enthralled in the conversation [...]

More From Our Brands

Access exclusive content