The shares of Marvel, which was founded in 1939 and rolled out its first blockbuster character, Captain America, in 1941, shot up to a high of US$49.29 before falling a bit to close at US$48.37 on the New York Stock Exchange.

Disney approached Marvel a few months ago "to get to know them", Disney Chief Financial Officer Tom Staggs told Reuters. The overture began with a meeting between Disney Chief Executive Robert Iger and Marvel CEO Ike Perlmutter and evolved into merger discussions over a series of meetings.

"We at Disney had admired them because of their position and asset base," Staggs said. "With conversations over time we came to believe in the value of a combination."

Shares of Disney, which will acquire ownership of more than 5,000 Marvel characters, fell 3 percent to US$26.04. The deal is expected to close by year-end, but will not add to Disney earnings until fiscal 2012.

Though Disney stands to get a slice of some of Marvel's hottest, upcoming slate of movies - including Thor and Iron Man 2, it would not gain in the short term from lucrative theatrical distribution fees.

Paramount Pictures said in a statement its five-picture distribution deal with Marvel remains in force. And Sony Pictures, the division of Sony Co behind the Spider-Man movies, can continue to make movies in the franchise, under an existing agreement.

The acquisition came as a surprise, even though Iger had mentioned recently the company would consider acquisitions that bolstered Disney brands across international markets and on new technology platforms.

While it could kick-start more mid- to small-sized deals in the media sector - where stocks have outperformed the broader Standard & Poor's 500 this year - few analysts see another bidder making a play for Marvel.

A major reason is the presence of Marvel's Perlmutter, who owns 37 percent of the company and will oversee it within the Disney empire. Perlmutter will trade his stake in Marvel for a 1 percent stake in Disney, but will not receive a seat on its board of directors - as did Pixar CEO Steve Jobs.

Disney was advised on the deal by Goldman Sachs, Allen & Company and Guggenheim Partners, while Marvel worked with Bank of America Merrill Lynch.

Disney executives drew a number of parallels between the Pixar and Marvel deals, and suggested it would keep the Marvel brand intact.

"The goal here is not to rebrand Marvel," Iger said.