Sony bought the film rights to Spider-Man years ago, which is why we got movies with Tobey Maguire and Andrew Garfield. But with the MCU taking off and Marvel Studios consolidating all of their rights, they weren't able to reclaim Spider-Man, and so they brokered a deal that worked for both sides ... until it didn't.
In fact, that's kind of the way Holland described it, as they were in the midst of it during the big D-23 event over the summer. "I was honestly devastated, I was really upset," he told. "All my Marvel friends were there, and they were taking Marvel pictures and I was not allowed to be in them. It was awful."
That email got a quick response from Iger, who said he wanted to chat with Holland a bit. Obviously, however the Spider-Man deal broke down, Holland was still contractually obligated to make more films, so this was basically the future of his career literally on the line.
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