Citation
Interview with Tim Ferriss
TL;DR
$525M credit facility from Merrill Lynch collateralized by character film rights
First-hand account from Marvel Studios architect David Maisel on the 2005 bet-the-company decision. Maisel details the $525M credit facility negotiations, character collateralization, and board debates about risking company on Iron Man.
Provides primary source documentation of Marvel's regeneration strategy: why licensing failed to capture value, how self-financing enabled creative control, and the risk calculus behind betting remaining character rights.
Key Findings from Maisel (2023)
- $525M credit facility from Merrill Lynch collateralized by character film rights
- Marvel retained full creative control while Paramount distributed
- Board debated risk of losing character rights if films failed
- Spider-Man success ($820M) with Marvel receiving only $30M motivated self-production