Wednesday, December 23, 2009

THQ, WWE, JAKKS In Settlement

Agoura Hills-based video game maker THQ, WWE, and JAKKS Pacific said late Tuesday that the firms have reached a settlement of their legal dispute covering a THQ/JAKKS Pacific joint venture and licensing of WWE video games. According to the three firms, all the claims have been withdrawn and litigation ended among the parties. THQ is paying WWE $13.2M, and has entered into a new, eight year video game license with WWE starting January 1st, 2010. The firms also said that the THQ/JAKKS Pacific joint venture will terminate on December 31st. THQ and JAKKS Pacific had been engaged in litigation over extension of licensing of WWE video game rights and royalty rates between the two firms.