Stan Lee creates 'Legion of 5'

Legendary comic book writer Stan Lee has created a new superhero team called Legion of 5, The Hollywood Reporter says.

Lee's production company POW! Entertainment has joined with Brighton Partners and Rainmaker Entertainment to create a series of CGI films, video games and a merchandising line based on the superhero characters.

Canadian animation company Rainmaker will produce the animated films and use a portion of the $24 million raised for the property to get started.

"We are hoping to develop a strong franchise with the characters," said Rainmaker CEO Warren Franklin.

Many of Lee's creations - including Spider-Man, the X-Men and the Fantastic Four - have been turned into successful movie franchises. This summer, Iron Man and The Incredible Hulk, based on Lee's Marvel Comics characters, will hit the big screen.

Lee recently signed a three-film deal with Disney.