Disney, Paramount and Marvel Entertainment announced that the worldwide marketing and distribution rights for Iron Man 3 and the Avengers of Paramount will be transferred to Disney which acquired Marvel Entertainment last year.

Paramount will received $115 million for the rights transfer from Disney. According to a press release, the amount serves as "a minimum guarantee against the distribution fees."

However, Paramount retains the worldwide distributor of Captain America and Thor and will still receive 8% of Avengers revenue. As part of the new arrangement, Paramount will also receive 9% revenue from Iron Man 3.

The Walt Disney Studios CEO Rich Ross said: "In completing this agreement, Disney will now assume worldwide marketing and distribution of The Avengers and Iron Man 3 and leverage these two highly-anticipated films across the multiple global platforms of The Walt Disney Company."

"We appreciate the tremendous momentum that Paramount established with these iconic Marvel characters and look forward to propelling the brand even further in the coming years."

His counterpart at Paramount, Brad Grey said that the new deal is right for the parties, saying:

"Five years ago, when Paramount and Marvel made our initial deal, both our businesses were in very different places."

"We are grateful for the partnership we have had with the terrific Marvel team over these years and proud of the work we have done together. Today, this new agreement is the right deal for Paramount, for Marvel and for Disney."

"We look forward to working together on Thor and Captain America, and we wish Disney and Marvel the utmost success, in what we know will be a very productive and wide-ranging partnership."

Paramount is set to release two Marvel Entertainment 2011 films Thor and Captain America as originally planned, in May and July, respectively. The studio has already begun marketing efforts for both films.