WWE extends deadline for THQ license agreement renewal

THQ has been granted an extension by World Wrestling Entertainment for the deadline to renew the joint licensing agreement held with JAKKS Pacific. The new deadline is Dec. 31, 2009. If the agreement is renewed and extended it would be good until Dec. 31, 2014. Obviously THQ needs to continue to hold this license to make any more of its SmackDown vs. RAW video games.

THQ said in a brief statement today that the “WWE’s action provides the company with increased flexibility with respect to the renewal of the videogame license.”

No doubt the biggest hurdle for THQ is its tumultuous relationship with JAKKS Pacific, who it has taken legal action against in regards to its share of revenues from products based on the license. We watch and we wait.

WWE SmackDown vs. RAW 2010 features revealed

THQ has been running a countdown clock on its official WWE SmackDown vs. RAW universe web site for quite some time with the promise of new information on the series to be released today. That new information, about WWE SmackDown vs. RAW 2010, has been revealed and we have it for you now.

WWE SvR is the Madden of wrestling games at this point, having a complete lockdown on the wrestling game business now that Midway’s TNA license is in limbo and developer YUKE’S habit of only offering incremental updates to the tried and true formula that has been established in the last two or three games.

This year’s iteration may offer a bit more change than is usually expected from a WWE SvR game, but a large percentage of it is improvements to existing features - which isn’t necessarily a bad thing. Get all the details after the jump.

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THQ prevails in WWE licensing dispute

THQ announced this afternoon that it has prevailed in an arbitration hearings against JAKKS Pacific, the company’s partner in a joint venture meant to deal with the WWE license related to video games. The binding arbitration, which was in the terms of the operating agreement should both parties not agree, came to the conclusion that JAKKS Pacific should have been given a lower preferred return payment for WWE video games sold under a license granted by World Wrestling Entertainment to the joint venture, THQ/JAKKS Pacific LLC.

As a result, a new rate, which is 40 percent below the previous rate, reaches all the way back to July 1, 2006 and applies through December 31, 2009. Because of this, THQ will receive approximately $23 million during the fiscal 2010 second quarter ending September 30, 2009.

Under the terms of the HQ/JAKKS Pacific LLC. operating agreement, JAKKS Pacific was to be paid a preferred return from sales of the LLC’s WWE-licensed video games. The preferred return rate was to be reset for the period beginning July 1, 2006 through December 31, 2009 but both companies could not agree on a new preferred return rate. Because of this THQ filed a suit to compel arbitration pursuant to the terms of the operating agreement.

Naturally THQ is happy about this and will continue to reap the rewards from the SmackDown vs. RAW series as well as Legends of WrestleMania.

JAKKS, THQ brawl over WWE licensing issues

I hate when people fight, but that’s just what is happening this morning between THQ and JAKKS Pacific over the World Wrestling entertainment license. JAKKS announced this morning that it had given notice to the WWE that it would extend the license to the popular sports entertainment franchise. Meanwhile in a court across town, THQ went to court to dispute the license renewal. The legal wrangling, in the form of a short press release can be found below:

JAKKS Pacific, announced that it has notified World Wrestling Entertainment, Inc. (“WWE”) that the joint venture between THQ and JAKKS intended to exercise its option to renew the WWE videogame license, which would otherwise expire on December 31, 2009, for an additional five (5) year term ending December 31, 2014. Separately, THQ commenced a lawsuit in California Superior Court, Los Angeles County, claiming it was not ready to make a decision with respect to renewal of the WWE videogame license, and seeking a declaratory judgment that (i) JAKKS was not authorized under the parties’ joint venture agreement to unilaterally issue a renewal notice to WWE, (ii) THQ has no obligation to consent to a renewal of the WWE license, and (iii) the restrictive covenant in the joint venture agreement prohibiting THQ from publishing any videogames based on wrestling during the term of the joint venture agreement (expiring one year after termination of the WWE license) is unenforceable under California law. JAKKS and THQ have also initiated arbitration proceedings relating to these issues.

WWE SmackDown vs. Raw 2010 Announced

In one of the most unshocking announcement of the year (next to disney creating a new Jonas Brothers game) THQ has announced that WWE SmackDown vs. Raw 2010 is in development for the Xbox 360, PLAYSTATION 3 , PlayStation 2 , PSP, Wii and Nintendo DS. The game, which is scheduled for this fall, will feature five WWE superstars on the cover: John Cena, Undertaker, Randy Orton, Edge and Rey Mysterio. More information about WWE SmackDown vs. Raw 2010 will be unveiled surrounding SummerSlam , live on pay-per-view August 23, 2009 from the STAPLES Center in Los Angeles, Calif.

WWE SmackDown vs. Raw 2010 will be offering a SmackDown vs. Raw franchise history lesson at E3 in the THQ booth – number 5300 in the West Hall of the Los Angeles Convention Center. In addition, WWE Superstar Kofi Kingston is scheduled to sign autographs on Tuesday, June 2 from 2:00 p.m. to 3:30 p.m., while WWE Superstar John Morrison is scheduled to sign autographs on Wednesday, June 3 from 2:00 p.m. to 3:30 p.m.

Old School: Smackdown vs. RAW 09 DLC

New playable characters have been released for WWE SmackDown vs. RAW 2009 today on Xbox Live Marketplace and PlayStation Network, giving players of the game on both systems access to some classic World Wrestling Entertainment stars.

The stars available in today’s downloadable content release include The Bushwakers (Bushwacker Butch, Bushwacker Luke), Doink the Clown, Earthquake and Vader. On Xbox Live Marketplace this gaggle of old schoolers will cost you 400 MS Points, while the PlayStation Network is charging a mere $4.99. Hopefully these new stars will offer players some new and exciting moves to mess around with.

WWE SmackDown vs. Raw 2009 originally launched on November 9, 2008 and is available at retailers worldwide.

THQ Superstar Challenge Tonight

THQ will kick the 7th Annual THQ Superstar Challenge tonight as part of its lead up to WrestleMania XXV - taking place April 6 in Houston, Texas. WWE stars will be playing against each other using WWE Legends of WrestleMania. The game was released last week for the Xbox 360 and PS3 from THQ.

The annual event is part of the WrestleMania Axxess ultimate fan experience - this year taking place at the Reliant Center in Houston, Texas at 8:30 p.m tonight. It will be hosted by Rowdy Roddy Piper and ring announcer Howard Finkel.

So which stars will be forced to play the game? WWE legends Dusty Rhodes, Sgt. Slaughter and Ted DiBiase, Sr. will represent the oldsters; WWE Divas Beth Phoenix, Michelle McCool, Brie Bella and Nikki Bella will bring the girl power; and CM Punk, Cody Rhodes, Evan Bourne, Ezekiel Jackson, Finlay, Hornswoggle, Kofi Kingston, Ted DiBiase and The Brian Kendrick will represent the new blood of the WWE.

If you’re in the Houston area and want to attend, visit Ticketmaster to buy your way in.