Marvel Unmasked

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The biggest risk is that a dud at the start could imperil the value of the 10 characters Marvel plans to use in subsequent movies, including the Incredible Hulk. So while Marvel isn't risking any of its own cash, "there's no question that there would be a perceptual impact on the stock," says Cowen & Co. analyst Lowell Singer. Which is why Marvel left many scratching their heads when it let producer Arad strike off on his own. "Avi's contract was up in November, and Marvel couldn't afford the compensation he can demand," Cuneo explains. "So we thought we'd let him leave on our terms." One being that Arad will be involved in at least the first three Marvel films.

Others see Arad's exit as a sure sign that Marvel will soon change hands. Perlmutter is a candidate to buy some 20% of the company that he doesn't own; so is a private equity firm. Another logical buyer is Paramount, which will distribute Marvel's film slate. The studio is revamping, having recently bought rival DreamWorks SKG. Other names thrown out include Disney, which owns a large chunk of the Marvel library, and even TIME's parent, Time Warner, which owns Marvel rival DC Comics.

For now, Marvel must focus its energy on making its movies successful. That means getting its house in order and curtailing further executive turnover. As the Motley Fool's Tim Beyers noted, "There's simply no way the comic-book publisher will become a movie mogul with a mishmash organization." Even if it does have superhuman strength on its side.