In addition to Marvel Cinematic Universe, Marvel Studios has also been involved with production of other Marvel-character film franchises that have exceeded $1 billion in North American box office revenue: the X-Men and Spider-Man multi-film franchises. The Spider-Man franchise is licensed to Sony Pictures. Since 2012, Marvel Studios' films are distributed theatrically by Walt Disney Studios Motion Pictures, having previously been distributed by Paramount Pictures from 2008 to 2011. Universal Pictures distributed The Incredible Hulk (2008) and has the right of first refusal to distribute any future Hulk films produced by Marvel Studios, while Sony Pictures distributed Spider-Man: Homecoming (2017) and will distribute any future Spider-Man films produced in conjunction with Marvel Studios. Previously, the studio was a subsidiary of Marvel Entertainment until Disney reorganized the companies in August 2015.