Walt Disney yesterday unveiled a surprise $4bn bid for Marvel Entertainment, ending a deal-making drought in the media sector and paving the way for Iron Man, Spider-Man and Captain America to be united with Mickey Mouse and Hannah Montana.

The agreed deal is structured as a cash-and-stock offer, worth $50 a share based on Disney's closing share price on Friday.

Shares in Marvel jumped $10.35 or 27 per cent to a record high of $49 on the announcement. Disney's shares were 1.6 per cent lower at $26.40.

The transaction would combine Marvel's globally recognised brand and 5,000 characters with Disney's creative skills, portfolio of entertainment properties and “a business structure that maximises the value of creative proper- ties across multiple platforms and territories,” said Bob Iger, Disney's chief executive.

Disney is offering $30 per share in cash plus about 0.745 Disney shares for each Marvel share, but will adjust the amount of cash and stock if necessary at the closing of the deal, so that Disney stock makes up no less than 40 per cent of the total.

The offer underscores Disney's reputation as one of the media groups that has best weathered the storm of plunging advertising reve- nues and weak consumer spending.

It also highlights the continued balance sheet strength of some of the sector's largest groups.