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Marvel Entertainment, Inc. (Marvel) is a character-based entertainment company, with a library of over 5,000 characters. The Company’s library of characters includes Spider-Man, Iron Man, The Incredible Hulk, Captain America, Thor, Ghost Rider, The Fantastic Four, X-Men, Blade, Daredevil, The Punisher, Namur the Submariner, Nick Fury, The Avengers, Silver Surfer and Ant-Man. The Company is a party to a joint venture with Sony Pictures Entertainment Inc., called Spider-Man Merchandising L.P. (the Joint Venture), for the purpose of pursuing licensing opportunities relating to characters based upon movies or television shows featuring Spider-Man and produced by Sony. Marvel operates in four integrated and complementary operating segments: Licensing, Publishing, Toys and Film Production.(Source: 10-K)