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NEW YORK, Oct. 8 /PRNewswire/ -- Marvel Enterprises, Inc. (NYSE:MVL) announced today that it has completed the sale of its Italian subsidiary Panini SpA to ID4 Holding SpA, a newly created company owned jointly by Fineldo SpA, an Italian conglomerate engaged in various consumer product and financing businesses and controlled by Vittorio Merloni, and the Senior Management of Panini. In connection with ID4's purchase of the Panini equity, for which Marvel received a nominal price, ID4 also purchased all of Panini's outstanding U.S. bank debt and Marvel was released from its guarantee of $27 million of that bank debt. Marvel made a cash payment of $11.2 million to Panini's bank lenders to obtain its release from the $27 million guarantee. Marvel also announced that Panini would continue as Marvel's international publishing licensee under a five-year license entered into as part of the sale.
Panini is engaged in the children's activity sticker business under the Panini brand name, the comic and kid's publishing businesses and the adhesive paper business through its Adespan Division. Panini was a subsidiary of Marvel Entertainment Group, Inc. when that company was acquired by Marvel, then called Toy Biz, Inc., in October, 1998. Since that time, Panini has been held by Marvel for disposition and the guarantee of Panini's bank debt has been carried on Marvel's balance sheet as a $27 million long-term liability.
Peter Cuneo, Marvel's President and CEO, commented that: "The terms of this sale are very positive for Marvel. We were able to dispose of this subsidiary and at the same time enhance stockholder value by eliminating our $27 million guarantee liability for only $11.2 million. We look forward to the royalties that we will receive from our long-term license with Panini, under which Marvel's market-leading comics will continue to be distributed throughout Europe, South America and Asia. Marvel's characters represent cultural icons to kids and young adults both here in North America and also throughout the 40 plus countries where our comics and other licensed products are available."
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Stan Lee Media Enlists Licensing Guru and G.I. Joe Inventor Stanley Weston As Board Director
Weston is First Ever Inductee Into the Licensing Hall of Fame
ENCINO, Calif., Sept. 28 /PRNewswire/ -- Stan Lee Media Inc. (OTC Bulletin Board: SLEE - news) supercharges its GLOBAL licensing machine with the appointment of Stanley Weston as Consulting Director for Worldwide Licensing and
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