|This article is written from the Real World perspective|
Avi Arad formed Marvel Films in an effort to adapt every single Marvel Comics character. The company worked on X-Men, Fantastic Four, Iron Man, Spider-Man, The Incredible Hulk, Spider-Man Unlimited, Silver Surfer, and The Avengers: United They Stand.
In August 1996, Marvel created Marvel Studios incorporating Marvel Films. Avi Arad sold his Toy Biz stock and became the head of Marvel Studios along with Jerry Calabrese. The two optioned out several of Marvel's properties that eventually became films.
The Blade film was made and was a success. Marvel then licensed Spider-Man to Sony. The success was followed by X-Men and Spider-Man.
The company then teamed with Lions Gate Home Entertainment to create direct-to-video films that ended up becoming Ultimate Avengers, Ultimate Avengers II, The Invincible Iron Man, Doctor Strange: The Sorcerer Supreme, Next Avengers: Heroes of Tomorrow, Hulk Vs, Planet Hulk, and Thor: Tales of Asgard.
The company then decided to finance their own films. They reacquired several of their properties and began putting them into production, beginning the Marvel Cinematic Universe. Arad stepped down as CEO and Kevin Feige was made President of Production while David Maisell became Chairman.
In 2009, Walt Disney bought Marvel Entertainment and all subsidiaries including Marvel Studios. Sony Pictures Televison gave up the rights to Spider-Man in order to keep the film rights.
The company then set up a television division with Jeph Loeb as Executive Vice President.
The company then began to acquire rights to previously adapted characters such as Blade, Daredevil, Ghost Rider, and Punisher.