Disney buys Marvel

The Walt Disney Company announced Monday that they have purchased Marvel Entertainment for $4 billion, the New York Times reports.

Marvel is best known for comic book characters such as the X-Men, Spider -Man, and Fantastic Four.

Disney said in the statement that the costs will be split, with 60 percent being paid in cash and the other 40 percent paid in stocks.

Marvel has put out a string of successful movies through different production companies like Twentieth Century Fox and Sony Pictures Entertainment. Despite these studios being in direct competition with Disney, the deal allows franchises like "Iron Man" to continue development with Paramount Pictures.

The purchase marks an increased effort for Disney to appeal to younger male audiences, as hit TV shows like "Hannah Montana" have given them a solid and steady female fan base.

While Marvel films bring in plenty of summer box office, Disney will also focus attention on other ventures as well; placing characters in theme parks and creating new consumer products.

Disney's Chief Executive Robert A. Iger said in a statement, "We believe that adding Marvel to Disney's unique portfolio of brands provides significant opportunities for long-term growth and value creation."