Marvel Entertainment

In 1996, Marvel Comics filed for Chapter 11 bankruptcy. The company that created Spider-Man, the X-Men, Captain America, and the Hulk was worth essentially nothing. The speculator boom of the early '90s had crashed, comic book sales had collapsed, and corporate raider Ron Perelman had loaded the company with debt while stripping its assets.

Out of the wreckage, Avi Arad and later Isaac Perlmutter recognized that Marvel's real value wasn't in selling comic books but in licensing its characters for film. The X-Men (2000) and Spider-Man (2002) proved the characters could anchor blockbusters. But Marvel was giving away most of the profits to other studios.

In 2005, Marvel made the bold decision to finance its own films, putting up the film rights to its remaining characters as collateral for a $525 million credit facility. Iron Man (2008) launched the Marvel Cinematic Universe. Disney acquired Marvel for $4 billion in 2009. The MCU has since grossed over $30 billion at the box office. A bankrupt comic book company became the most dominant force in entertainment.