![]() Just over a decade after exiting bankruptcy a debt-free Marvel sold itself to Disney for $4.2 billion. First managers stabilized the business then Marvel created a new type of blue ocean that went on to produce the most profitable movie franchise in history. New management purchased the business out of bankruptcy in 1998 but faced a daunting task: Marvel owed $30 million in annual interest payments on a $250 million loan, cash was so tight that they almost missed payroll, and movie rights for many of their best characters were licensed to others. In late 1996 Marvel filed for bankruptcy, a victim of red ocean management practices. By the 1980s value extractors took over Marvel, badly misaligning value, profit, and people. Marvel invented characters that were people first and superheroes second: Spider-Man, The Hulk, Iron Man, the X-Men. In the early 1960s, Marvel took a blue ocean turn by focusing on noncustomer college students. ![]() ![]() Founded in 1939, Marvel Comics initially struggled in a red ocean producing primarily me-to knock-off comic books. This case comes with a two-part video interview with then Marvel CEO Peter Cuneo who turned around the business and launched a blue ocean. The Marvel Way: Restoring a Blue Ocean explains one of the greatest turnarounds in modern business history. ![]()
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