Look out, Red Skull, the company that owns Marvel comics has raised enough money to fund a movie about your archenemy, Captain America, and nine other superhero adventures.
Marvel Enterprises Inc. is expected to announce today that it has changed its name to Marvel Entertainment Inc. to reflect its expansion into film production with the closing of a $525-million loan deal with Merrill Lynch, Pierce, Fenner & Smith Inc.
Marvel said it would use the money to make 10 films with budgets of as much as $165 million each, including one about Captain America, whom Avi Arad, chief executive of subsidiary Marvel Studios Inc., called the "Holy Grail" of comic book characters waiting for a big treatment on the big screen.
"We have been very involved in making movies with our partners in the past," Arad said. "Now we get to produce our own movies."