Business Wire reports:
THQ Inc., World Wrestling Entertainment, Inc. and JAKKS Pacific, Inc. today announced that they have reached settlement agreements with respect to the WWE® video game and toy licenses and the THQ/JAKKS Pacific LLC joint venture.
Under the three-party settlement, all claims are withdrawn and all litigation ended among the parties without any party admitting any wrongdoing.
As part of the resolution of these matters, THQ will pay WWE $13.2 million. In addition, THQ has entered into a new eight-year video game license directly with WWE commencing January 1, 2010, which is three years longer than the renewal term under the previous arrangement between WWE and the THQ/JAKKS Pacific LLC joint venture. Information regarding the new license agreement, announced separately today, may be accessed at http://investor.thq.com/phoenix.zhtml?c=96376&p=irol-news&nyo=0.
In addition to its preferred return payment to JAKKS for the period ending December 31, 2009, THQ will pay JAKKS Pacific $20 million over the next four years, with payments of $6 million due June 2010 and June 2011, and payments of $4 million due June 2012 and June 2013, and the THQ/JAKKS Pacific LLC joint venture will terminate effective December 31, 2009.