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Intellectual property ("IP") that is already associated with a popular brand. With branded IP at their disposal, movie studios don't have to take chances any more. Why would they forego the built-in audience a superhero movie brings?
An initialism of "in possession." A prison term referring especially to drugs and medication. There are many safety protocols in place regarding IP medications for prisoners.
Farlex Dictionary of Idioms. © 2015 Farlex, Inc, all rights reserved.