LOS ANGELES (CBSLA) — Spider-Man will remain in the Marvel Cinematic Universe — for at least two more films.

Variety reported Friday that Sony and Disney — which purchased the Marvel franchise in 2009 — have struck a deal to make at least one more Spider-Man film together with the character also to appear in one more team-up film, like The Avengers.

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Over the summer, news broke that the two studios would end their longstanding agreement over a new financing deal proposed by Disney that would have netted the entertainment company higher profits for future films.

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Sony wanted to keep the original deal that stipulated Marvel would receive about 5% of first-dollar gross and all merchandising revenues. Under the new deal, Variety reported, Kevin Feige would assist in the production of the film and Marvel and Disney would receive roughly 25% of the profits. Variety said that Disney would also retain its merchandising rights and put up roughly a quarter of the financing.

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Tom Holland will reprise his role as Spider-Man in the new film scheduled to be released July 16, 2021.