Avi Arad was quick to issue statements about the future of the X-Men franchise following the opening weekend success of X-Men: The Last Stand, however it would appear he left the biggest announcement for a little later in the week. Hollywood Reporter announced today that Arad is leaving Marvel’s film studio division and setting up shop for himself.
Arad has created Avi Arad Productions and resigned as CEO and chairman of Marvel Studios and chief creative officer of Marvel Entertainment. That doesn’t mean he’s giving up the super-hero business however. Avi Arad Productions has already received its first projects: producing Iron Man and the sequel to The Hulk for Marvel Studios.
The arrangement is currently being financed with the half-billion dollar loan Marvel took eight months ago, with Marvel and Avi Arad Productions handling the financial end of the movies and Paramount Productions handling advertising and distribution. Arad’s company will receive a box office percentage in return.
As part of the deal Arad will remain a producer on projects in the Spider-Man line, remain creative advisor to Marvel for the remainder of the year, and promise not to compete against Marvel projects for an unspecified amount of time. In other words, don’t expect to see the Avi Arad Productions banner on a Superman or orignal hero movie anytime soon. In fact, the agreement keeps Arad from moving into science-fiction and fantasy areas as well. That hasn’t kept Arad from finding non-Marvel work though, with the recently announced Bratz movie also being named as an Avi Arad Production project.
Arad will be replaced at Marvel Studios by Michael Helfant and Kevin Feige, current chief operations officer and president of production for Marvel Studios, respectively.
Arad predicts that his shingle company will help improve the quality of super-hero movies because larger production companies will be able to take a smaller role, with his company and Marvel Studios doing the bulk of the worrying. "Once you license something to a studio, you have to watch them like a hawk. These are our children, not theirs."
Iron Man is still expected to continue under recently confirmed director Jon Favreau, with a director for the Hulk sequel to be announced in the next 40 days. It is unknown which movie Avi Arad Productions will move forward first, although Arad is committed to having one of the films hit theaters by 2008.
http://www.cinemablend.com/new/Excelsior-to-Arad-2754.html
