Sony has said it is "disappointed" following its split with Disney over the Spider-Man franchise.
The entertainment giant has released a statement over the failed negotiations to continue the Spider-Man franchise with Marvel Studios’ involvement.
Sony has owned the film rights for the beloved superhero since 1999 and struck a landmark deal with Disney in 2015 allowing the character to appear in the Marvel Cinematic Universe (MCU).
It was recently reported the two studios were unable to come to an agreement over co-financing future Spider-Man films.
Marvel Studios president Kevin Feige had taken a key creative role in the last two Spider-Man films, starring British actor Tom Holland, and successfully integrated the web slinger into its multi-billion dollar Marvel Cinematic Universe.
Now, in a public statement shared on Twitter, Sony Pictures said it "respects" Disney's decision not to allow Feige to take such a big role in a franchise it does not own, and hinted a deal could be done further down the line.
Much of today’s news about Spider-Man has mischaracterized recent discussions about Kevin Feige’s involvement in the franchise. We are disappointed, but respect Disney’s decision not to have him continue as a lead producer of our next live action Spider-Man film. (1/3)— Sony Pictures (@SonyPictures)August 21, 2019
It said: “Much of today’s news about Spider-Man has mischaracterised recent discussions about Kevin Feige’s involvement in the franchise.
"We are disappointed, but respect Disney's decision not to have him continue as a lead producer of our next live action Spider-Man film."
The Sony spokesperson added: “We hope this might change in the future, but understand that the many new responsibilities that Disney has given him – including all their newly added Marvel properties – do not allow time for him to work on the IP they do not own.
“Kevin is terrific and we are grateful for his help and guidance and appreciate the path he has helped put us on, which we will continue.”
This comes as angry fans launched multiple petitions to challenge the recent decision, with titles including "Keep Spider-Man with Disney and the MCU" and "Keep Spider-Man in the MCU".
Feige was a lead producer on both Spider-Man: Homecoming and Spider-Man: Far From Home starring Tom Holland.
Spider-Man: Far From Home recently became Sony’s highest-grossing film ever, an indication that they could succeed in stepping away from Marvel Studios’ involvement.
Additional reporting by Press Association.