Aug. 21 (UPI) -- Sony Pictures and Disney's Marvel Studios will no longer be working together on the most recent live-action Spider-Man film series starring Tom Holland, with Sony releasing a statement on the matter.
Sony, who own the rights to Spider-Man on film, collaborated with Marvel on the Tom Holland series which includes 2017's Spider-Man: Homecoming and Spider-Man: Far From Home which hit theaters in July.
The partnership allowed Holland's Spider-Man to be a part of the Marvel cinematic universe and appear in other films such as 2016's Captain America: Civil War where Holland was first introduced, 2018's Avengers: Infinity War and Avengers: Endgame which was released in April.
Deadline reported on Tuesday that Disney and Sony were unable to reach a new agreement with Disney wanting a co-financing stake. This has led to Marvel Studios no longer being involved with the Spider-Man series alongside Marvel Studios head Kevin Feige who acted as a lead producer on Homecoming and Far From Home.
"Much of today's news about Spider-Man has mischaracterized recent discussions about Kevin Feige's involvement in the franchise," a Sony spokesperson said in a statement to The Hollywood Reporter.
"We are disappointed, but respect Disney's decision not to have him continue as lead producer of our next live-action Spider-Man film," the statement continued.
"We hope this might change in the future, but understand that the many new responsibilities that Disney has given him- - including all the newly added Marvel properties- - do not allow time for him to work on IP they do not own. 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."
News about Sony and Marvel's split came after Sony announced that Far From Home will be re-released in theaters in for time for Labor Day with 4 minutes of new footage.
Far From Home has become Sony's highest-grossing film ever, earning $1.109 billion worldwide. It surpassed Sony's previous record-holder, the James Bond film Skyfall, which earned $1.108 billion.