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, The Avengers, Ghost Rider, The Fantastic Four, X-Men (including Wolverine), Blade, Daredevil, The Punisher, Namor the Sub-Mariner, Nick Fury, 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 three integrated and complementary operating segments: Licensing, Publishing and Film Production.