Posted on February 13, 2013 AT 07:18pm
Take-Two Interactive has officially agreed to develop and produce WWE Games from the now deceased and bankrupt THQ. This interaction will also save the company million in claims.
“By working together to transition development of WWE games going forward the parties have minimized the harm to WWE and Yuke’s, which have, in turn, agreed to substantial reductions of their claims” against THQ, lawyers for the company said in court papers. The lawyers said without the agreement, WWE and Yuke’s claims “would certainly exceed $30 million and might exceed $60 million.”
This new inqury will bring forth new agreements and WWE and Yukes contracts will be terminatied. The companies will be offered to enter new agreements with Take-Two, which will hire THQ’s employess that work on those games. So guys like Bryan Williams and Cory Ledesma could just be going to new homes. Those where to guys that where major factors in the development of WWE Games.
This deal is saving THQ millions as the WWE are going to waive its claims of about $45 million for annual royalty advance of about 7.5 million for the licensing contract that would run thru 2017. THQ will pay WWE $650,00o in royalty payments for the WWE games sold while under bankruptcy protection.
Original Credit & Info Goes To Bloomberg.com
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