Marvel Comics was bought by New World Entertainment in 1986, putting the company in the hands of Ronald Perelman. The Revlon executive took the company public on the New York Stock Exchange. The positive effect of this was that more Marvel Comics series were coming out and even a few films had come out (direct to video and TV). The downside was that part of the money used for this came from junk bonds Perleman issued. Unfortunately, Perleman’s unsavory reputation was based on this practice and would definitely contribute to Marvel’s demise.
Throughout the industry, comic distributors were in harsh competition. Marvel Comics as well as many other companies had their own distribution channels. By the end of this struggle, Diamond Distributor’s emerged as the one major channel for comic distribution. This distribution struggle along with crossovers, alternative universes and fancy cover alterations finally took its toll on the industry. Not even a new Daredevil limited series by Frank Miller or a D.C vs. Marvel series could stop the inevitable. After spending time being investigated for Perleman’s business practises, Marvel Comics went bankrupt in 1996. After the reconstruction process, initiated by the court, and many legal battles, Isaac Perlmutter would be the one in control. Toy Biz, Perlmutter’s company, a subsidiary of Marvel Comics released Marvel Superhero action figures. Deciding to turn the company around, he made Avi Arad in charge of Marvel Entertainment. Arad was already overseeing the animation projects being released by Saban, whom Marvel Comics sold its back catalog to in 1986.
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