Although we were sad to report earlier this month that Sony’s chairman and CEO Tony Vinciquerra said the “door is closed” on Spidey rejoining the MCU, thankfully that was just a “GOTCHA!” statement. It now looks like Sony and Marvel have come to a mutual agreement that will not only keep Tom Holland’s Spider-Man in the Marvel mix but also give us a third film as a follow-up to Far From Home.

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As Variety reports (seen above), both companies came to an agreement after a highly-publicized falling out this past summer. As the story goes, Disney wanted a 50/50 split when it came to financing the film while Sony wanted to keep the original arrangement that gave Marvel roughly 5% of first-dollar gross in addition to revenue from all merchandising.

Take a look at the revised stipulations to the new deal, via Variety:

“The new deal was signed late on Thursday night. Negotiations involved top players from both studios, including Sony Pictures chief Tom Rothman, [Kevin] Feige and Walt Disney Studios co-chairs Alan Horn and Alan Bergman. In exchange for lending Feige’s producing prowess, Marvel and Disney will receive roughly 25% of the profits, according to insiders. Disney will retain its merchandising rights and will put up roughly a quarter of the financing. As part of the arrangement, Spider-Man will also appear in one future Marvel Studios film.”

In the official statement, producer Amy Pascal of Pascal Pictures showed her excitement in regards to the reunion, stating, “Peter Parker’s story took a dramatic turn in ‘Far From Home’ and I could not be happier we will all be working together as we see where his journey goes.” Marvel Studios president Kevin Feige was equally pleased, saying in his own statement, “I am thrilled that Spidey’s journey in the MCU will continue, and I and all of us at Marvel Studios are very excited that we get to keep working on it.”

Read the full report over on Variety, and look out for the third Spider-Man film to arrive in theaters on July 16, 2021. Welcome back, Spidey!