Nov. 3 (Bloomberg) -- Marvel Entertainment Inc., the comic book publisher that agreed to be acquired by Walt Disney Co., reported third-quarter profit fell 60 percent on a drop in film revenue and licensing sales.

Net income declined to $20.4 million, or 26 cents a share, from $50.6 million, or 64 cents, a year earlier, the New York- based company said today in a statement. Analysts projected 24 cents, according to the average of 16 estimates compiled by Bloomberg.

Marvel said film revenue declined $65 million in the quarter compared to the same period last year and merchandising licensing sales related to the “Iron Man” and “The Incredible Hulk” movies also declined. Total sales fell 42 percent to $105.7 million, topping the $93.4 million average of 14 analysts’ estimates compiled by Bloomberg.

Marvel rose 19 cents to $50.20 at 4 p.m. in New York Stock Exchange composite trading. The shares have gained 63 percent this year.

In August, Burbank, California-based Disney agreed to buy Marvel for $4 billion in cash and stock.

To contact the reporter on this story: James Callan in New York at jcallan2@bloomberg.net.

Last Updated: November 3, 2009 16:15 EST