More details are emerging about last night's announcement that Spider-Man will be appearing in the Marvel cinematic universe . Let's break it down:

Marvel isn't paying a dime to Sony for the rights to use Spidey. But the studio won’t receive a cut of the earnings for any of Sony’s Spider-Man films, and Sony won’t get a cut of the Marvel films that feature Spider-Man. (Marvel also controls the merchandising rights to Spidey.)

Disney/Marvel reportedly had previously offered Sony "billions" to buy back the character.

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Marvel is instead essentially leasing the rights from Sony. Sony gets a (hopefully) revitalized Spider-Man thanks to Marvel, while Marvel gets to use one of their most iconic characters.

The new Spidey will first appear in a Marvel movie (reportedly Captain America: Civil War) before getting his own stand-alone film from Sony on July 28, 2017. MCU characters could also appear in the new Spider-Man films.

Marvel Studios head Kevin Feige will not be compensated for producing Sony's 2017 Spider-Man film.

Sony will have final say over casting for the new Spider-Man, and is said to be looking for an actor much younger than Andrew Garfield, who is 31. Sony is looking to go back to "Spidey’s roots and put the character back in high school."

Amazing Spider-Man 1 & 2 director Marc Webb won't be back.

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Amazing Spidey producers Avi Arad and Matt Tolmach have been bumped down to executive producers with "no real say" in the creative direction of the character moving forward. Arad was a key player with both Marvel and Spider-Man for many years, and was a sort of proto-Kevin Feige as Marvel became increasingly immersed in the world of film and TV beginning in the late 1990s.

One source claims this could be the first step towards a larger plan to reacquire Spider-Man by Marvel, while another speculates that Disney is angling to acquire Sony Pictures entirely if it goes on the market.

The Sony Spider-Man spin-offs, for the moment, are still in the works. This includes Sinister Six, Venom and the female Spidey characters film that we've previously heard about. The Amazing Spider-Man 3 is obviously dead, and "while Marvel’s Feige is involved with Sony’s new Spider-Man films, he currently is not expected to be creatively involved with the spinoffs."

Via Variety and THR

Steve Watts is a freelance writer who does whatever a spider can, but mostly just trapping bugs. You can read more of his keen insights by following him on Twitter and IGN