LOS ANGELES – It was touch and go for a while, but Spider-Man will stay in the Marvel Cinematic Universe.

Sony Pictures and Marvel announced Friday that Marvel will produce a third film in the “Spider-Man: Homecoming” series, once again starring Tom Holland.

The third film was in limbo after news broke over the summer that Disney, Marvel’s parent company, and Sony had failed to strike a new financing deal.

Variety reports that a deal was signed late Thursday night. In exchange for lending the production prowess of Marvel President Kevin Feige, insiders tell Variety that Marvel and Disney will receive about 25% of the profits and Disney will retain its merchandising rights.

The deal also reportedly stipulates that Spider-Man will appear in one future Marvel Studios film.

The third “Homecoming” film is scheduled to be released on July 16, 2021, according to Variety.