Sony, Disney end Spider-Man feud

Two major Hollywood studios are joining forces- after briefly breaking up- in an effort to bring Spider-Man back to the big screen.

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Sony Pictures Entertainment and Walt Disney Studios announced Friday they have struck a deal in which Marvel Studios and its president Kevin Feige will produce the third film in the "Spider-Man: Homecoming" series.

“I am thrilled that Spidey’s journey in the MCU will continue, and I and all of us at Marvel Studios are very excited that we get to keep working on it,” Marvel Studios president Kevin Feige said in the release.

The movie starring Tom Holland is set to hit the big screen on July 16, 2021, according to the release. The agreement also states that Spider-Man will appear in a future Marvel Studios film and Amy Pascal will also produce through Pascal Pictures, as she has on the first two Holland-led films.

“Spider-Man is a powerful icon and hero whose story crosses all ages and audiences around the globe," said Feige, adding "He also happens to be the only hero with the superpower to cross cinematic universes, so as Sony continues to develop their own Spidey-verse you never know what surprises the future might hold.”

The announcement comes a few months after Sony and Disney's Marvel failed to come to an agreement on how to split revenue, a move threatening the future of the franchise.

Tensions first arose when Disney requested a higher stake in the upcoming Spider-Man movies and merchandise, while Sony favored an extension of the existing agreement, in which Marvel currently receives 5 percent of first-dollar gross and merchandising revenue.

The suggestion that Marvel Studios president Kevin Feige would not have produced future live-action Spider-Man movies and that the character itself might not appear in any more Marvel Cinematic Universe films quickly turned into a trending topic.

The reports regarding the cross-studio partnership followed the tremendous global success of  "Spider-Man: Far from Home."

The film became Sony's highest-grossing release of all time earning $376.7 million domestically and over $730 million internationally with a worldwide culmination of $1.109 billion.

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Sony has held the rights to the Marvel character since 1985, but in 2015, announced a partnership with Disney and Marvel that would allow Spider-Man to be used in MCU films like “Avengers: Endgame.” It also allowed for Feige to serve as a producer on stand-alone “Spider-Man” movies like “Far From Home.”

Disney CEO Bob Iger, who orchestrated the $4 billion purchase of Marvel in 2009, continues to tout the content as a future driver of growth for the media giant, including in its new streaming service.

“Well we priced Disney Plus to be very accessible. What we're putting on is incredibly popular product from Disney animated movies going all the way back to Snow White and the Star Wars films and Marvel films. I could go on and on and in all the new things that we're making, we wanted as many people across the world to be able to afford what they do and what they love" Iger told FOX Business in May. 

The Associated Press and FOX Business' Rachel Tesler contributed to the report.