THQ and WWE sign eight year licensing deal

[keithlewis]

THQ and World Wrestling Entertainment announced that they have finally hashed out a new licensing deal. The new eight-year agreement grants THQ the exclusive worldwide rights to develop and publish video games based on WWE’s content effective January 1, 2010. You’ll notice that nowhere in this announcement is the name JAKKS Pacific. This is not surprising given that THQ was in a legal dispute with the toy manufacturer over a joint venture that it felt it didn’t get a fair share of the profits from. The best way to handle that problem was apparently to cut them out of the picture altogether. The deal gives THQ absolute exclusive rights to create WWE branded video games across all imaginable platforms.

Of course it is not without some concessions; THQ had to settle its lawsuit with JAKKS Pacific and WWE. Under the terms of the settlement agreement, THQ will pay WWE $13.2 million, and pay Jakks Pacific $20 million over the next four years in addition to royalties due for the period ending Dec. 31, 2009. The three companies had sued each other earlier this year over enforcement of the contract, which was due to expire on Dec. 31. As part of the deal all three companies agree to withdraw all claims and end all litigation without any party admitting to wrongdoing.

“This agreement ensures that WWE games will continue to be an important cornerstone of THQ’s annual release schedule for the long term,” said Brian Farrell, THQ President and Chief Executive Officer. “We look forward to working directly with WWE to expand their brand in the video game space through continued game play innovation and increased online delivery of WWE content.”

“This year’s highly rated WWE SmackDown vs. Raw 2010 video game demonstrates the innovation and creativity that THQ brings to WWE,” said Vince McMahon, WWE Chairman and Chief Executive Officer. “This new licensing agreement will ensure that we continue our tremendous success in the video game industry in the years to come.”

Fans that might have been worried that we could see an end to THQ’s long running RAW vs. SmackDown series of wrestling games as well as the new Legends of WrestleMania games, can now breathe a sigh of relief.

http://www.crispygamer.com/news/index.p ... sing-deal/