THQ, World Wrestling, Jakks Settle Litigation
NEW YORK (AP) ¿ Video game publisher THQ Inc., World Wrestling Entertainment Inc. and toy maker Jakks Pacific Inc. have settled lawsuits over game and toy licenses and a joint venture, the companies said late Tuesday.
As a result, THQ will pay a total of $33.2 million to the two companies, end its joint venture with Jakks, based in Malibu, Calif., and enter a license deal directly with WWE.
THQ will pay WWE $13.2 million as part of the settlement. The two companies signed an eight-year video game license that starts on Jan. 1.
THQ will also pay $20 million over the next four years to Jakks. The joint venture between the two companies ends on Dec. 31.With the eight-year licensing deal, THQ has exclusive rights to make video games based on WWE content. Its most recent such game is "WWE Smackdown vs. Raw 2010." WWE shares rose 22 cents to $15.44 in morning trading while Jakks rose 10 cents to $12.41. THG shares added 14 cents, or 2.9 percent, to $4.95.
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