Marvel Entertainment -- formerly Marvel Enterprises -- announced Tuesday that it has raised the $525 million needed to begin producing its own movies based on characters in the legendary comic book company's massive catalog. Marvel had previously been licensing its works to production companies, but now it will have complete creative control over the filmmaking process -- not to mention potentially higher profit margins.

According to Marvel chairman and CEO Avi Arad, the studio is primed and ready to begin simultaneous development of 10 new film projects based on Marvel characters. Captain America Power Pack and Shang-Chi are all setup and screenwriters will start being attached to the various projects on Wednesday. We'll have more for you on those projects as news breaks!The company added that the Marvel-produced projects will complement existing big-screen partnerships and on-going Marvel movie projects licensed to other Hollywood studios (Ghost Rider, X3, Punisher II, etc.).Paramount Pictures, under its existing deal with Marvel, will distribute and market the newly announced films. The first movie chosen to go into production (not yet known) is expected to make its big-screen debut no later than 2008.Marvel added that each production could be budgeted as high as $165 million and that the films will be developed with ratings no higher than PG-13 in mind.Keep it here on IGN FilmForce for the latest.