Marvel and Sony drop 'Spider-Man' suits

June 2, 2004 at 1:35 PM

LOS ANGELES, June 2 (UPI) -- Marvel Enterprises and Sony Pictures ended their competing lawsuits by creating a joint U.S. company to manage "Spider-Man" movie tie-in products.

Marvel, Spidey's comic book home, and Sony, the action figure's movie home, agreed to drop their respective lawsuits and form Spider-Man Merchandising LP to share the profits generated by the superhero's film career, E! Online reported Wednesday.

Marvel, whose $50 million lawsuit filed last year claimed Sony stole the comic book character, issued a statement saying the dispute had been resolved amicably.

Sony, in turn, had sued Marvel, accusing the company of withholding licensing money on film-related products, the Web site said.

"Spider-Man 2," with Tobey Maguire and Kirsten Dunst opens June 30 in U.S. theaters.

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