The news of Disney and Sony canceling the Spider-Man deal, which allowed the superhero to be a part of the MCU, broke thousands of hearts around the world. The two companies could not come to an agreement about the finances of the films and didn't renew the contract after Spider-Man: Far From Home.
After several celebrities close to the project made their disapproval public, Avengers: Endgame co-director Joe Russo opened up about the event. It is to be noted that Spider-Man, played by Tom Holland, had made his MCU debut in Captain America: Civil War that was directed by the Russo Brothers. They were also detrimental in Holland's casting as the wall-crawler.
Speaking to Toronto Sun, Russo said, “Stepping back and trying to be objective as possible, I think it’s a tragic mistake on Sony’s part to think that they can replicate Kevin [Feige]’s penchant for telling incredible stories and the amazing success he has had over the years. I think it’s a big mistake.”
Recently Tom Holland spoke to GQ and gave an update about the situation. “I’m not shy about expressing how incredible the last five years have been with Marvel. I’ve truly had the time of my life, and in so many respects, they have made my dreams come true as an actor. Sony has also been really good to me, and the global success of Spider-Man: Far From Home is a real testament to their support, skill, and commitment. The legacy and future of Spidey rest in Sony’s safe hands. I really am nothing but grateful, and I’ve made friends for life along the way,” he said.
What will happen to Tom Holland's Spider-Man, whose story was entangled with the MCU is a mystery for now. There are chances that the superhero will be incorporated in the universe of Tom Hardy's Venom or Jared Leto's Morbius.