MCU: The REAL Story Of How It Started

How Marvel’s Biggest Failure Created the MCU.

Long before the Marvel Cinematic Universe dominated pop culture, Marvel Comics was on the brink of collapse.

This video traces the unlikely chain of events that led from Marvel’s 1990s bankruptcy to Iron Man becoming the foundation of a shared cinematic universe. After years of mismanagement under Ronald Perelman, Marvel was forced to sell off its most valuable characters just to survive — leaving the company with little more than merchandise revenue and shrinking influence.

The turning point came when David Maisel proposed a radical solution: stop licensing characters and start betting on Marvel itself. With backing from Merrill Lynch, Marvel put its remaining heroes — including the Avengers, Captain America, and Doctor Strange — up as collateral in a deal that could have ended the company for good.

We break down Avi Arad’s exit, Kevin Feige’s early rise, Jon Favreau’s creative philosophy, and why Robert Downey Jr. was considered an enormous liability before Iron Man proved everyone wrong. What followed wasn’t just a successful movie — it was the blueprint for modern franchise filmmaking.

This is the real story of how Marvel Studios was born.

0:00 Life Before the MCU
0:42 Marvel’s Bankruptcy Explained
2:08 The Toy Biz Gamble
3:48 Losing Spider-Man and More
4:42 David Maisel’s Big Idea
6:02 The Make-or-Break Financing Deal
6:51 Feige Steps In
7:57 Casting Iron Man
9:58 The Disney Era Begins

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Video by: Michael Keene & Ilgaz Erel

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