Talks of an agreement had been underway for months, with Disney demanding future films be financed equally between the studios, and Sony wanting to adhere to existing terms, which saw Marvel own 5 percent of first-dollar gross and all merchandising revenue. During the last round of negotiations before talks broke off, Marvel was pushing for 50 percent of first-dollar grosses.
As reported, Disney wanted to scale down the involvement of Marvel's president Kevin Feige in the movies, due to his workload following Disney's acquisition of Fox. This means Feige, co-producer of the hit films Spider-Man: Homecoming and Spider-Man: Far From Home starring Tom Holland, will no longer be producing for Sony.
It is unclear what could happen to Spider-Man, as the news may mean Tom Holland will not be returning as the much-loved superhero for quite some time, especially not in the films with the rest of Marvel's Avengers -- owned by Disney.
Sony Pictures released a statement via Twitter on Tuesday evening, announcing the split between the studios.
We hope this might change in the future, but understand that the many new responsibilities that Disney has given him – including all their newly added Marvel properties – do not allow time for him to work on IP they do not own. (2/3)
— Sony Pictures (@SonyPictures) August 21, 2019
Sony went on to say, “Kevin is terrific and we are grateful for his help and guidance and appreciate the path he has helped put us on, which we will continue.”
After the news broke out, fans all over the internet erupted in anguish, and ultimately disappointment.
Twitter hashtag #SaveSpiderman was trending worldwide, and the internet broke out into all kinds of memes.
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Additionally, actor Jeremy Renner, who plays Clint Barton (a.k.a Hawkeye), in the Marvel Cinematic Universe tweeted his support for the return of Spider-Man to the MCU.
— Jeremy Renner (@Renner4Real) August 21, 2019
Sony-Marvel's latest installment, Spider-Man: Far From Home, has grossed more than $1 billion worldwide, and with the film still playing in theaters, continues to earn more each day.
However, despite two successful Spider-Man movies under Sony's belt, a third one may be put on hold indefinitely. ~Emily Chavez