The big breaking news this morning is that The Walt Disney Co. says it is acquiring Marvel Entertainment Inc. for $4 billion in cash and stock, bringing characters like Iron Man and Spider-Man into the Disney family.

“This transaction combines Marvel’s strong global brand and world-renowned library of characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor with Disney’s creative skills, unparalleled global portfolio of entertainment properties, and a business structure that maximizes the value of creative properties across multiple platforms and territories,” said Disney head Robert A Iger.

“Ike Perlmutter and his team have done an impressive job of nurturing these properties and have created significant value. We are pleased to bring this talent and these great assets to Disney.”

Under the deal, Disney will acquire ownership of 5,000 Marvel characters.

It said the boards of Disney and Marvel have both approved the transaction, but it requires an antitrust review and the approval of Marvel shareholders.

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This could make for some pretty interesting changes to upcoming video games, movies and comics.