Mr. Lipson has served as Marvel's Executive Vice President Business & Legal Affairs since November 1999 and has played an integral role in structuring and negotiating the Company's strategic entertainment and licensing relationships. During the intervening period, Mr. Lipson and Mr. Cuneo will work together to effect an orderly transition of the CEO role. Following this period, Mr. Cuneo will continue to serve Marvel as a Board member and as an advisor.

In his role as EVP Business Affairs, Allen Lipson has substantially influenced Marvel's business and financial strategic decisions. Mr. Lipson has been involved in structuring and negotiating all movie and television agreements for Marvel and every other major transaction since he joined the Company. His strong commercial background has enabled him to bring both a practical business viewpoint and a legal perspective to his responsibilities. As a member of senior management he has developed a strong working relationship with Marvel's key managers and staff including Bill Jemas, COO; Avi Arad, CEO of Marvel Studios, Alan Fine, CEO of Toy Biz, Ken West, CFO and Russ Brown, EVP Worldwide Consumer Products.

Prior to joining Marvel in 1999, Allen Lipson served as Vice President Administration and General Counsel at Remington Products Company, the electric shaver company. At Remington, he was involved in all aspects of the Company's operations and was an integral member of the management team that revived the Remington brand name and business operations prior to its sale in 1996.

Earlier, he was General Counsel of BIC Corporation, the writing instruments and shaver company, where he oversaw the restructuring of their South American operations, Assistant to the Chairman of the Board of Textron, Inc. and Assistant General Counsel of Textron. Mr. Lipson received his law degree from Columbia Law School and a Bachelor of Science degree from the University of Wisconsin. He lives in Woodbridge, Connecticut with Cheryl Lipson, his wife of 33 years.

Morton Handel, Chairman of the Board of Directors commented, "Marvel's Board made an excellent decision when it hired Peter Cuneo three years ago. Since that time, an outstanding management team has been assembled and the Company has realized its vision of becoming a premier source of creative content for high impact media and entertainment channels and for worldwide consumer products. Also, the Company's capital structure and operating performance have been improved dramatically.

"We understand Peter's desire for more flexibility in his life and are pleased that he will remain involved with Marvel as a director and as an advisor.

"Allen Lipson has demonstrated to us all the qualities that we would look for in a CEO. He possesses an intimate knowledge of Marvel, has been instrumental in shaping our business policies and strategies and is well acquainted with the myriad responsibilities of a public company CEO."

Commenting on his decision to step down as CEO, Peter Cuneo said, "For the past twenty years I have enjoyed the challenge of leading organizations that were in need of fundamental change and ultimately placing them on stable ground. With support from a group of superb senior managers and from every employee, this stability has been achieved at Marvel. My decision was motivated by the attainment of this goal and by a desire for some free time to enjoy the family and personal experiences that CEOs often miss, before moving to new challenges.

"The best days for Marvel are still to come and I look forward to continuing to help the Company progress into the future."

Allen Lipson commented, "Marvel's true value is just now beginning to be appreciated, and we are eager to accelerate the process to generate improving financial performance. I am excited and looking forward to the opportunity to help guide Marvel as we enter our 'Golden Age.'"

About Marvel Enterprises

With a library of over 4,700 proprietary characters, Marvel Enterprises, Inc. is one of the world's most prominent character-based entertainment companies. Marvel's operations are focused in four areas: entertainment (Marvel Studios), licensing, comic book publishing and toys (Toy Biz). Marvel facilitates the creation of entertainment projects, including feature films, television and DVD/home video, based on its characters and also licenses its characters for use in a wide range of consumer products and services including video and computer games, apparel, collectibles, snack foods and promotions. Marvel's characters and plot lines are created by its comic book division which continues to maintain a leadership position in the U.S. and worldwide while also serving as an invaluable source of intellectual property. For additional information visit the Marvel Web site at http://www.marvel.com.

Except for historical information contained herein, the statements in this news release regarding the Company's plans are forward-looking statements that are dependent upon certain risks and uncertainties, including the Company's potential inability to successfully implement its business strategy, a decrease in the level of media exposure or popularity of the Company's characters resulting in declining revenues from products based on those characters, the timing of releases and the decisions to proceed with feature films and TV series based on the Company's characters, the lack of commercial success of entertainment projects based on the Company's characters, the lack of commercial success of properties owned by major entertainment companies that have granted the Company toy licenses, the lack of consumer acceptance of new product introductions, the imposition of quotas or tariffs on toys manufactured in China as a result of a deterioration in trade relations between the U.S. and China, changing consumer preferences, production delays or shortfalls, continued pressure by certain of the Company's major retail customers to significantly reduce their toy inventory levels, the impact of competition and changes to the competitive environment on the Company's products and services, the ability of the Company's licensees to successfully market and sell the licensed products, changes in technology and changes in governmental regulation and the continued financial stability of major licensees of the Company. Those and other risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Marvel assumes no obligation to publicly update or revise any forward-looking statements.