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.

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.

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.

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

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