been optioned, including the Fantastic Four, X-Men, Daredevil, Hulk, Silver Surfer, and Iron Man. Marvel's first big-screen adaptation of one of its properties was the 1986 film Howard the Duck, which was a box-office flop. MEG was purchased by New World Entertainment in November 1986 and moved to produce films based on the Marvel characters. It released The Punisher (1989) before MEG was sold to Ronald Perelman's Andrews Group. Two other films were produced: Captain America (1990) released in the United Kingdom on screens and direct to video in the United States, and The Fantastic Four (1994), not intended for release. History Marvel Films Following Marvel Entertainment Group's (MEG) ToyBiz deal in 1993, Avi Arad of ToyBiz was named president and CEO of Marvel Films division and of New World Family Filmworks, Inc., a New World Entertainment subsidiary. New World was MEG's former parent corporation and later a fellow subsidiary of the Andrews Group. Marvel Productions became New World Animation by 1993 as Marvel would start up Marvel Films including Marvel Films Animation. Marvel Films Animation shared Tom Tataranowicz with New World Animation as head of development and production. New World Animation (The Incredible Hulk), Saban (X-Men) and Marvel Films Animation (Spider-Man) each produced a Marvel series for television for the 1996–1997 season. It was Marvel Films Animation's only production. By the end of 1993, Arad and 20th Century Fox struck a deal to make a film based on the X-Men. New World Animation and Marvel Films Animation were sold along with the rest of New World by Andrews Group to News Corporation/Fox as announced in August 1996. As part of the deal, Marvel licensed the rights to Captain America, Daredevil and Silver Surfer to be on Fox Kids Network and produced by Saban. New World Animation continued producing a second season of The Incredible Hulk for UPN. Marvel Studios In August 1996, Marvel created Marvel Studios, an incorporation of Marvel Films, due to the sale of New World Communications Group, Inc., Marvel's fellow Andrews Group subsidiary in film and television stations, to News Corporation/Fox. Filing with the U.S. Securities and Exchange Commission to raise money to finance the new corporation, Marvel, Isaac Perlmutter's Zib, Inc. and Avi Arad sold Toy Biz stocks, which Marvel had started and took public in February 1995. Toy Biz filed an offering of 7.5 million shares with a closing price of $20.125 at the