![]() ![]() New management purchased the business out of bankruptcy in 1998 but faced a daunting task: Marvel owed $30 million in annual interest payments on a $250 million loan, cash was so tight that they almost missed payroll, and movie rights for many of their best characters were licensed to others. ![]() In late 1996 Marvel filed for bankruptcy, a victim of red ocean management practices. By the 1980s value extractors took over Marvel, badly misaligning value, profit, and people. Marvel invented characters that were people first and superheroes second: Spider-Man, The Hulk, Iron Man, the X-Men. In the early 1960s, Marvel took a blue ocean turn by focusing on noncustomer college students. Founded in 1939, Marvel Comics initially struggled in a red ocean producing primarily me-to knock-off comic books. This case comes with a two-part video interview with then Marvel CEO Peter Cuneo who turned around the business and launched a blue ocean. The Marvel Way: Restoring a Blue Ocean explains one of the greatest turnarounds in modern business history.
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