This excerpt taken from the JAKK 8-K filed Dec 23, 2009.
THQ, WWE® and JAKKS Pacific Announce Settlement of Long-Standing Litigation
Separately, THQ and WWE Announce New Direct Eight-Year Video Game License
AGOURA HILLS, Calif. & MALIBU, Calif. & STAMFORD, Conn.--(BUSINESS WIRE)--December 22, 2009--THQ Inc. (NASDAQ: THQI), World Wrestling Entertainment, Inc. (NYSE:WWE) and JAKKS Pacific, Inc. (NASDAQ: JAKK) 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Under the three-party settlement, all claims are withdrawn and all litigation ended among the parties without any party admitting any wrongdoing.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.
About World Wrestling Entertainment, Inc.
World Wrestling Entertainment, Inc., a publicly traded company (NYSE: WWE), is an integrated media organization and recognized leader in global entertainment. The company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family-friendly, PG content across all of its platforms including television programming, pay-per-view, digital media and publishing. WWE programming is broadcast in more than 145 countries and 30 languages and reaches more than 500 million homes worldwide. The company is headquartered in Stamford, Conn., with offices in New York, Los Angeles, Chicago, London, Shanghai, Tokyo, Toronto and Sydney.
Additional information on World Wrestling Entertainment, Inc. (NYSE: WWE) can be found at corporate.wwe.com.
About THQ Inc.
THQ Inc. (NASDAQ: THQI) is a leading worldwide developer and publisher of interactive entertainment software. The company develops its products for all popular game systems, personal computers and wireless devices. Headquartered in Los Angeles County, California, THQ sells product through its global network of offices located throughout North America, Europe and Asia Pacific. More information about THQ and its products may be found at www.thq.com. THQ and the THQ logo are trademarks and/or registered trademarks of THQ Inc.
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer and marketer of toys and consumer products, with a wide range of products that feature some of the most popular children's toy licenses in the world. JAKKS’ diverse portfolio includes Action Figures, Art Activity Kits, Stationery, Writing Instruments, Performance Kites, Water Toys, Sports Activity Toys, Vehicles, Infant/Pre-School, Plush, Construction Toys, Electronics, Dolls, Dress-Up, Role Play, and Pet Toys and Accessories, sold under various proprietary brands including JAKKS Pacific®, Play Along®, Flying Colors®, Creative Designs International™, Road Champs®, Child Guidance®, Pentech®, Funnoodle®, Go Fly a Kite®, Color Workshop®, JAKKS Pets®, EyeClops®, Plug It In & Play TV Games™, Girl Gourmet®, Kids Only®, Tollytots® and Disguise. JAKKS is an award-winning licensee of several hundred nationally and internationally known trademarks including Disney®, Nickelodeon®, Warner Bros.®, World Wrestling Entertainment®, Ultimate Fighting Championship®, Graco® and Cabbage Patch Kids. JAKKS and THQ Inc. participate in a joint venture that has worldwide rights to publish and market World Wrestling Entertainment video games. For further information, visit www.jakks.com.