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Sony to Reboot Spider-Man Universe With “New People” After Several Box Office Flops
(www.hollywoodreporter.com)
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Sony made the deal in the late 1990s when Marvel was basically bankrupt. They didn't predict that Disney would eventually own the whole thing and turn it into a behemoth.
To be fair, the fact that it is now a behemoth is probably a factor in why Sony continues to throw money at it instead of letting the rights lapse. The more people Disney gets into Marvel, the more potential for better return on a Sony-made movie in the same universe. At least that's probably what the execs think.