Walt Disney Co (NYSE:DIS) has reportedly given the green light for a new Disney+ series based on Marvel's Daredevil character.

What Happened: Variety, citing unnamed sources, has reported that Matt Corman and Chris Ord are attached to write and executive produce the new series. No official confirmation has been given by Disney, Marvel Studios or the representatives for Corman and Ord.

Speculation about a relaunch of "Daredevil" persisted after two stars of the Netflix Inc (NASDAQ:NFLX) series of "Daredevil" turned up in recent Marvel productions: Charlie Cox, who played Matt Murdock and his Daredevil alter ego, made a surprise appearance in the Sony Group Corp.'s (NYSE:SONY) "Spider-Man: No Way Home" while Vincent D'Onofrio's Wilson Fisk / Kingpin appeared in the Disney+ series "Hawkeye."

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Why It Matters: The original "Daredevil" series ran for three seasons on Netflix from 2015 to 2018; Disney+ did not launch until 2019. As part of the streaming service's licensing deal with Disney, there was a clause in their agreement that prevented characters from Netflix's Marvel shows from being used in any non-Netflix production for two years after the series' cancelation.

Netflix retained the rights to "Daredevil" and five other Marvel Defenders series — "Jessica Jones," "Luke Cage," "The Punisher," "Iron Fist" and "The Defenders" — until March 1, when Disney took control of the properties. It is not certain if the other five Marvel series will be rebooted for Disney+.

Photo: Charlie Cox as Daredevil, courtesy Netflix/Disney