Take-Two Taking Over WWE License From THQ

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This is actually something that many folks were waiting to work itself out after the bankruptcy of THQ a few weeks ago. There were rumors that this was happening but now we know that Take Two has reached an agreement with WWE, THQ, and Japanese studio Yuke’s to take over development of the highly popular WWE video game franchise.wwe-13-key-art-cm-punk

Pending court approval of the agreement, which appears to be a formality at this point, Take-Two will be the primary publisher for future WWE games developed by Yuke’s.

“We can confirm that we have entered into an agreement to publish the WWE video game series that is developed by Yukes. At this time, the agreement is pending court approval and we anticipate that it will be finalized shortly. We are very excited about the potential of this agreement and will have more to share at the appropriate time”

This new deal nullifies the existing contracts THQ had with WWE and Yuke’s, allowing both companies to enter into new agreements with Take-Two. Under the terms of the deal, WWE agreed to dissolve a significant claim it held against THQ: If their current contract had simply been terminated, the publisher would have been on the hook for approximately $45 million for the remainder of its WWE license agreement, which was set to run through 2017.

Yuke’s also agreed to dissolve its claims of $15 million to $20 million against THQ, the payment for development on last year’s WWE ’13 and the 2014 WWE title it had been working on. The studio will receive possession of the 14 percent of its equity that THQ had owned — shares worth about $4.5 million — and a $250,000 royalty payment.

That’s what we know right now, stay tuned for more info as it becomes available.

Source: Polygon

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Lorenzo Winfrey

Lorenzo Winfrey

Editor-In-Chief at ZoKnowsGaming
I am the Co-Ceo of DLT Digital Media. We are a company that is focused on developing new and innovative web properties in addition to developing WordPress based web sites for others. But before I was all that, I was a gamer.
Lorenzo Winfrey