Marvel mogul plans to form Avi Arad Productions, make films for Marvel and other clients.
(Source:icv2.com)
Avi Arad is leaving his jobs as Chairman and CEO of Marvel Studios, Chief Creative Officer and Director at Marvel, announced the comic book company on Wednesday.
Arad will continue to be a Creative Advisor for Marvel until the end of the year, and his salary will not change. He immeditely sold his 5% stake in the company (making nearly $60 million) but will maintain an office at Marvel Studios. In January of 2007, Arad will become an independent producer, which means his income will be directly tied to the success of the films he makes.
His new company, Avi Arad Productions, will produce two new films for Marvel Studios (Iron Man and the upcoming Hulk sequel) and Spider Man 3 for Sony. AAP has first right of negotiation for any Marvel-based sequel. His company will also produce a Bratz live-action film.
Avi Arad started with Marvel in the early 90's, when his company Toy Biz began making licensed Marvel toys. He took control of Marvel during its mid-90's bankruptcy and reversed its fortunes, producing Marvel-based TV shows hit live-action films as Fantastic Four and the Spiderman and X-Men franchises.
Marvel stock fell by 3.63% in response to the announcement.
