Financing disputes have led to a discord between two mega-moguls of Hollywood film studios, Disney and Sony Pictures. Sony made a public statement on Wednesday in which it said that the studio was “disappointed” over Disney’s refusal to allow Marvel President Kevin Feige to continue as a producer on the Spider-Man projects.

Kevin will no longer be producing the Spider-Man films because of the studios inability to reach new terms as far as the co-financing agreement is concerned.

Advertisement

The dispute stemmed when Disney asked that future Spider-Man films be a 50-50 co-financing arrangement between the two studios with Feige remaining in the consulting producer capacity, including the discussion that the proposal might extend to other films in the Spider-Man Universe. Sony Pictures turned down the offer, refusing to share the benefits of its biggest franchise. Tom Rothman and Tony Vinciquerra of Sony suggested other arrangements which Disney then refused, reported Deadline.

“Much of today’s news about Spider-Man has mischaracterized recent discussions about Kevin Feige’s involvement in the franchise,” Sony said in a statement. “We are disappointed, but respect Disney’s decision not to have him continue as a lead producer of our next live action Spider-Man film.”

“We hope this might change in the future, but understand that the many new responsibilities that Disney has given him – including all their newly added Marvel properties – do not allow time for him to work on IP they do not own. Kevin is terrific and we are grateful for his help and guidance and appreciate the path he has helped put us on, which we will continue,” the statement continued.

Spider-Man: Far From Home became Sony Pictures biggest box-office blockbuster earlier this week after surpassing the lifetime business of James Bond film Skyfall.

In 2015, Disney, Marvel and Sony announced a deal to share the Spider-Man film rights, which led to Holland playing a younger version of Peter Parker in Captain America: Civil War, Spider-Man: Homecoming, Avengers: Infinity War, Avengers: Endgame and Spider-Man: Far From Home. Sony distributed the main Spider-Man film while Disney handled other titles.Marvel owned the merchandising rights on Spider-Man while the latter was bought by Disney in 2009 for $4 billion.

Amy Pascal is the presiding producer after Feige exited the deal. Meanwhile, director Jon Watts and Tom Holland are still in the picture.

No comment has been made by Marvel or Disney yet.