Sony and Walt Disney on Friday announced that Marvel Studios, led by President Kevin Feige, will produce a third film in Spider-Man: Homecoming series. The film will star Tom Holland and is scheduled for release on July 16, 2021.

As part of the arrangement, Spider-Man will also appear in a future Marvel Studios film.

"I am thrilled that Spidey's journey in the MCU will continue, and I and all of us at Marvel Studios are very excited that we get to keep working on it," Feige said in the statement. "Spider-Man is a powerful icon and hero whose story crosses all ages and audiences around the globe. He also happens to be the only hero with the superpower to cross cinematic universes, so as Sony continues to develop their own Spidey-verse you never know what surprises the future might hold."

The news comes a month after Deadline first reported in August that Disney and Sony Pictures decided to part ways. The two companies were not able to reach an agreement that would have given new terms to a co-financing stake between the two studios.

The terms of the new deal were not disclosed. Sony declined to comment on the terms, but said, "We have had a great collaboration over the last four years, and our mutual desire to continue was equal to that of the many fans. We are delighted to be moving forward together."

Representatives for Marvel also declined to comment further.

According to Deadline, Disney had reportedly proposed a 50-50 co-financing deal in August, meaning each company would put up half of the production costs and then split the profits. Sony had reportedly refused.

Due to this disagreement, Spider-Man was no longer part of the Marvel Cinematic Universe, which quickly caused a frenzy among devoted fans on social media.

With a superhero as important as Spider-Man, it had seemed out of character for Feige and Disney to bow out of a deal with Sony. Much of the plot of "Spider-Man: Far From Home" revolved around the character Peter Parker dealing with the death of his mentor Tony Stark, also known as Iron Man, and figuring out what kind of hero he was going to be. Parker's growth as a character was a set up for future films in the franchise.

Since the announcement of Spider-Man being back in Marvel, fans started buzzing on social media with excitement over the upcoming movie.

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"I think this is amazing news for a Spider-Man fan and a Marvel movie fan," Erik Davis, managing editor of Fandango, said. "This gives Marvel a chance to pay off what they set up at the end of Far From Home, and the deal also gives them the chance to use Tom Holland's Spider-Man in another Marvel movie — potentially to help introduce one of the new Fox characters. I'd personally love to see the web-slinger in a Fantastic Four movie, and now there's more of a chance of that becoming a reality."

Feige has had an incredible run of hits as the head of Marvel, including four of the top 10 movies in the U.S. and globally of all time. "Avengers: Endgame" is currently the highest-grossing movie of all time.

Since releasing its first Disney-produced Marvel movie in 2012, the company has grossed more than $18.2 billion on the films at the global box office.

Disclosure: Comcast, parent company of NBCUniversal and CNBC, owns Fandango.