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The split reported by Deadline stems from an inability by Disney and Sony Pictures to reach an agreement that would have given new terms to a co-financing stake between the two studios.
The decision will effectively remove Tom Holland's Spider-Man from the Marvel Cinematic Universe, though two more films with Holland and director John Watts are reportedly still planned.
Talks between the two companies had reportedly been going on for months, with this decision nixing Marvel Studios president Kevin Feige from the Spider-Man universe entirely.
According to Deadline, Disney asked that future Spider-Man films have a 50/50 co-financing arrangement between the two studios. Sony refused and proposed keeping the current arrangement, where Marvel receives roughly 5% of first dollar gross, according to Deadline sources. Disney then refused Sony's offer to keep the arrangement.
The split between the two studios comes after both studios set box-office records with movies featuring the hero. Marvel recently set a box-office record with "Avengers: Endgame," and Sony had its highest-grossing film ever with "Spider-Man: Far From Home."
Disney and Sony did not immediately respond to requests for comment.
Correction: Sony's highest-grossing film of all time was "Spider-Man: Far From Home," a previous version of this story misstated that fact.