Take-Two Officially Takes Over WWE License
Ryan Bloom / Feb 14th, 2013 No Comments
Take-Two has officially agreed to assume control of the WWE license previously held by THQ, according to documents filed in court.
As part of the agreement, Take-Two will take over publishing duties for all future WWE video games while Yuke’s will remain the developer.
All prior contracts between THQ, WWE and Yuke’s are now terminated under the agreement. WWE and Yuke’s will now enter new deals with Take-Two. In exchange, WWE agreed to waive an early termination payment clause in the contract with THQ that would pay the wrestling company $45 million.
[adsense250itp]THQ will stop selling past WWE games and pay $650,000 in royalties to the wrestling organization for games sold since the company entered bankruptcy protection in December.
Yuke’s has been making licensed wrestling games since 2000. THQ owned a 14 percent stake in the studio. Yuke’s will be awarded $4.5 million to buy out that stake along with a $250,000 royalty payment.
The studio also agreed to dissolve a claim against THQ for payment on last year’s WWE game and this year’s in-development title. The claim was for $15 million to $20 million.
Take-Two is expected to hire former THQ staff who worked on WWE games. The company is in line to receive development equipment and software related to WWE titles worth $75,000 from THQ.
The deal between THQ and WWE was scheduled to run through 2017. It is unclear if the new agreement with Take-Two is for the same time period. Also unclear is if the change in publisher will allow for a new WWE game to be released this year.
It was first known that Take-Two, the parent company of 2K Sports, acquired the WWE license when THQ assets were sold off last month. The court filings make the deal official, pending court approval. Monetary terms of the deal were not disclosed.
tags: news , take two , thq , wwe , wwe 13 , yukes