Interesting that venture capital firms shy away from content, but some venture capitalists embrace it individually, outside of their firm.

As the third largest direct shareholder in Marvel Entertainment, Breyer stands to make nearly $5 million once Disney’s acquisition of the superhero company closes.

Disney said this morning that it plans to pay $4 billion in cash and stock for Marvel. Marvel shareholders — Breyer has 165,700, according to regulatory filings — will get $30 a share plus around 3/4 of a Disney share, a 29 percent premium over Marvel’s closing price on Friday.

Breyer’s venture firm, Accel Partners, has no investment in Marvel. But Breyer said his own investment came about several years ago as part of a “prepared mind” strategy.

“I have been very interested in companies with strong, defensible intellectual property that can be leveraged across multiple distribution channels such as the internet, live action and animated film, and broadcast,” he wrote in an e-mail message.

Read more. This begs the question, on the Web, what defines defensible content IP?

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