MARVEL ENTERTAINMENT AND AVI ARAD TO DEVELOP MEDIA PROJECTS
NEW YORK, April 21 /PRNewswire/ -- Marvel Entertainment Group, Inc. (NYSE: MRV) has announced that Avi Arad will oversee the development of all animated and live action television and film projects featuring characters owned by Marvel. Marvel, Toy Biz, Inc. and Mr. Arad recently announced an agreement providing for the formation of a new and expanded Toy Biz.
Mr. Arad will become President and CEO of Marvel Films, a division of Marvel, as well as President and CEO of New World Family Filmworks, Inc., a subsidiary of New World Entertainment. All Marvel media projects will be funded on a project by project basis by New World or outside sources. New World is a domestic and international TV/film production and distribution company owned by Andrews Group Incorporated, which also owns 60 percent of Marvel and is a subsidiary of MacAndrews & Forbes Holdings Inc.
Terry Stewart, President and Chief Operating Officer of Marvel, said the appointment of Mr. Arad is expected to provide Marvel with substantial strategic and financial benefits: "We will be able to integrate these media projects with comic books, picture cards, toys, video games, consumer products licensing and confections. It's another way for us to marry the commercial appeal of the 'Marvel Universe' with the creative genius of Avi Arad." Mr. Arad explained that "With the success of Marvel's X-Men on TV, there's tremendous entertainment industry interest in the 'Marvel Universe' -- the richest, most extensive collection of action adventure heroes, all with proven, time- tested popularity. It will also be exciting to work with Stan Lee -- the man who started it all -- to continue to enhance the Marvel legacy." Marvel's mutant X-Men are currently the stars of the hit Saturday morning animated TV show produced by Saban Entertainment Ltd. and broadcast on the Fox Children's Network.
The announcement on March 22, 1993, by Marvel, Toy Biz and Mr. Arad stated that Marvel is contributing its master toy license and Mr. Arad is going to develop toys exclusively for the new Toy Biz. Mr. Arad has been involved in the development of dozens of hit youth entertainment products, including dolls, software and video games, boys toys, vehicles, and TV animation for major companies, including Hasbro, Mattel, Tyco, Galoob, Ideal, Nintendo, Tiger, Sega and Toy Biz. The animation projects have included the current King Arthur and the Knights of Justice and Conan The Adventurer and the upcoming Botsmaster and Double Dragon.
Marvel Entertainment Group, Inc. is a leading youth entertainment company in comic books, sports picture cards, consumer products licensing, and candy and gum products.
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/CONTACT: Pam Rutt, corporate and product public relations of Marvel Entertainment Group, Inc., 212-576-8535, or Gary Fishman of The Hudson Stone Group, 212-983-8550, for Marvel investor and financial relations/
(MRV)
CO: Marvel Entertainment Marvel Entertainment, Inc. (NYSE: MVL) is an American entertainment company. The company traces its origins to the May 1933 publication of Western Supernovel Magazine. Group, Inc. ST: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of IN: ENT ENT ears, nose, and throat (otorhinolaryngology). ENT abbr. ear, nose, and throat ENT ear, nose and throat. ENT Ears, nose & throat; formally, otorhinolaryngology SU: LD -- NY009 -- 8487 04/21/93 08:34 EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT |
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