Marvel Entertainment, LLC (formerly Marvel Enterprises and Toy Biz, Inc.) is an American entertainment company formed from the merger of Marvel Entertainment Group, Inc. and Toy Biz, Inc. The company is a wholly owned subsidiary of The Walt Disney Company, and is mainly known for its Marvel Comics, Marvel Animation and Marvel Television units. Marvel Entertainment's former film subsidiary, Marvel Studios—which operated directly under the company from 1996 to 2015—is now a subsidiary of The Walt Disney Studios, where it currently develops and produces its own films based on Marvel characters.