March 28 (Bloomberg) -- Time Warner Inc., the world's largest media company, must share control its Superman copyright with the heirs of the comic hero's creator, Jerome Siegel, a federal judge ruled.

Siegel's wife Joanne and their daughter, Laura Larson, won back his half of the copyright to Superman material. Jerome Siegel and his creative partner, Joseph Shuster, granted the rights to DC Comics in 1938, a contract that expired in 1999, according to the order by U.S. District Judge Stephen Larson in Riverside, California,.

``After 70 years, Jerome Siegel's heirs regain what he granted so long ago -- the copyright in the Superman material that was published in Action Comics,'' Larson wrote in his March 26 order. The victory was ``no small feat indeed,'' Larson wrote.

Joanne Siegel's and Laura Larson's share of the profits must still be determined at trial, according to the order.

Marc Toberoff, the Siegels' lawyer, said Jerome Siegel fought for decades, without success, to share in the profits from the rights to his Superman character, which he sold with Shuster for $130. Jerome Siegel died in 1996.

``Joanne Siegel has courageously carried the torch in this matter for decades, and this is probably the first good news she has received regarding Superman in 70 years,'' Toberoff said in an interview.

Time Warner spokesmen Edward Adler and Keith Cocozza didn't immediately return phone calls and e-mails seeking comment after business hours.

Time Warner, based in New York, rose 40 cents to $13.87 in New York Stock Exchange composite trading.

The case is Siegel v. Warner Bros., CV-04-8400, U.S. District Court, Central District of California (Riverside).

To contact the reporter on this story: Joel Rosenblatt in San Francisco at jrosenblatt@bloomberg.net.

Last Updated: March 28, 2008 21:58 EDT