Initially Marvel Studios was in talks with Universal Pictures as a possible distributor, as Universal owned the film rights to both Hulk and Namor during that time. Negotiations dragged on, so the studio began talks with Paramount Pictures. In the second quarter of 2005, Merrill attempted to back out of full financing of each movie, demanding that Marvel finance 1/3 of the budget. Marvel took back rights in five foreign territories from Paramount for pre-sell to meet that demand. On September 6, 2005, Marvel announced the Merrill Lynch financing deal with Paramount was on as marketer and distributor. Also, the parent company changed its name from Marvel Enterprises, Inc. to Marvel Entertainment, Inc. to reflect the change to self-production.