Marvel has expanded and extended its relationship with top international print publisher Panini S.p.A.  Panini will continue to serve as the primary international distributor of Marvel Comics content for an additional two years.  The original agreement was set to expire in 2004, but has been extended until 2006.   Pursuant to the new agreement, Marvel will receive substantially higher minimum annual guarantees, effective immediately and extending through the length of the agreement.  The new agreement represents Marvel's largest (non-toy) international licensing agreement to date.  Panini will continue to serve as the primary international distributor of Marvel content including comic books, trade paperbacks, encyclopedias, and graphic novels.  Panini translates Marvel content into ten languages and distributes these non-English editions to most of Europe as well as toSouth and Central America.

The new agreement demonstrates another way in which Marvel's success in Hollywood translates into more revenue.  The higher profile of Marvel heroes around the world means more sales for Panini and more licensing revenue for Marvel.  Although Marvel's publishing segment has shown consistent growth under the current regime, it is licensing that has contributed the most to the bottom line and lead to the turnaround of Marvel's financial fortunes, allowing the company to rise phoenix like from the ashes of bankruptcy (see 'Marvel Blows Away Q1 Expectations').