There is a moment in 1996 that defines everything about the Marvel story. The company that created Spider-Man, Iron Man, Captain America, the X-Men, the Avengers, Thor, Black Panther, and the Hulk — the company that had invented more beloved characters than any other publisher in the history of American fiction — had just filed for Chapter 11 bankruptcy. The stock had collapsed from eighteen dollars to twenty-five cents. The toy division was failing. The comics market had imploded. The banks were circling. And the people running the company had sold the movie rights to their best characters to rival studios for whatever cash they could get, prices that would later look like the worst deals in Hollywood history.
This is the story of how that company came back. How it went from bankruptcy to a four-billion-dollar acquisition by Disney. How it built the most successful film franchise in cinema history. And how the people who believed in it — through decades of creative genius, commercial disaster, legal chaos, and financial ruin — were ultimately proven right about something that everyone else had missed: that these characters, if handled with care and intelligence, were worth more than anyone had imagined.
The beginning is not glamorous. In 1939, a man named Martin Goodman was running a pulp magazine business in New York. Goodman was a publisher, not a visionary. He was good at identifying trends and flooding the market with cheap content that chased whatever was selling. When superhero comics started catching on after the debut of Superman in 1938, Goodman decided to try his hand. He founded a company called Timely Comics and hired a young writer named Joe Simon, who brought along his artistic collaborator, a twenty-two-year-old named Jack Kirby. In October 1940, Simon and Kirby created Captain America, a scrawny kid from Brooklyn who gets injected with a super-soldier serum and punches Hitler on the cover of the first issue. It sold close to a mi...