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.

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.

Legends of WrestleMania Roster

THQ announced the full roster of wrestlers that will be playable in WWE Legends of WrestleMania, a new franchise focusing on the WWE’s marquee yearly event. The game will offer 40 legendary Superstars and managers that have taken part in WrestleMania over the years including Hulk Hogan, Steve Austin, The Rock, Andre The Giant, Bobby Heenan, Bam Bam Bigelow and more. WWE Legends of WrestleMania promises arcade style gameplay, historic matches, and vintage presentation. I hope they deliver, honestly. Full roster after the jump.

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WWE Legends of WrestleMania Cover Stars

THQ will put six World Wrestling Entertainment legends on the cover of WWE Legends of WrestleMania, an upcoming tribute game to the popular annual wrestling event. Legends Andre the Giant, Hulk Hogan, Stone Cold Steve Austin and The Rock, along with managers Bobby Heenan and Jimmy Hart will grace the cover of the game on multiple platforms.

WWE Legends of WrestleMania promises a unique experience that separates itself from the SmackDown vs. RAW series, with a distinguished roster, arcade style gameplay and a historic, vintage presentation. Other promises include a new grapple system, a WrestleMania Tour Mode that allows players to participate in key matches from multiple WrestleMania events, a Create-A-Legend system to develop the Legends of tomorrow, as well as online functionality for players to compete on the biggest stages in WWE history.

WWE Legends of WrestleMania is scheduled for release in March 2009 to coincide with WrestleMania 25 in Houston, Texas.

THQ’s Fight Game Trio

THQ is showing three new fighting games at E3 this week, and today the company offered some broader details on each. WWE SmackDown vs. Raw 2009 is getting a more refined cooperative play mechanic across the board, if you believe the hype coming out of L.A. The game will offer new tag team finishers, and a new “hot tag” feature which gives your team the momentum to finish the match quickly. The other interesting feature is co-op storyline, which lets players take on the story mode together for the first time since that awful Xbox game RAW 2. Finally there’s a new create a finisher mode, which let’s you create the end all be all move.

THQ also announced additional details about WWE Legends of WrestleMania, a brand new video game property currently in development for the Xbox 360 and PS3. The game aims to bring home the oldsters who remember the 80’s and 90’s when the WWE was still the WWF and Hulk Hogan, Andre The Giant and Macho Man Randy Savage were ruling the roost. The game will feature forty WWE legends, recreations of historic matches and events, a new grappling system, Create-A-Legend mode, and online play. WWE Legends of WrestleMania is scheduled for release in March 2009 to coincide with WrestleMania 25 in Houston, Texas on April 5, 2009.

Finally, first details on UFC 2009 Undisputed have been revealed. The game based on the popular mixed martial arts sport will feature the top stars in multiple divisions, a new fighting system that will be easy to pick up and play, a create-a-fighter mode, character development, and a single player story mode that challenges players to fight their way to the UFC Hall of Fame.

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