From Spider-Man News:
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We’ve heard bits and pieces of how Marvel and Sony’s Spider-Man deal works, but now Marvel Studios president Kevin Feige has explained the terms definitively once and for all in a new interview with Deadline.
In basic terms, Spider-Man stays a Sony character. Sony pays for the movie, markets the movie, and distributes the movie, but Marvel makes the creative decisions. Check out the full interview with Kevin Feige below, where he explains it in more detail, and also gushes over Tom Holland as Spider-Man.