PWInsider.com is reporting that yesterday the US Bankruptcy Court in Delaware officially approved the plan to sever WWE's contractual ties with THQ. This now allows the company to begin working out a deal with Take-Two Games, who is slated to head up WWE's Games division going forward to develop and distribute the already in the works WWE '14. THQ was said to be the facilitator of negotiations between WWE and Take-Two, while also negotiating a release with WWE of all contractual obligations with themselves WWE and Yukes.
The court agreed with THQ's claim that they would save millions by reducing their claims on them with WWE and Yukes. Here are the details of the agreement:
- THQ would terminate their relationship with WWE.
- WWE would waive all rights to legally pursue THQ for damages.
- WWE will receive $650,000 for royalties owed from the WWE '13 videogame.
- THQ terminates their relationship with Yukes, allowing them to sign a deal with Take-Two.
- THQ will transfer all ownership in Yukes stock in exchange for Yukes giving up claims against THQ for money owned in the tune of $15 to $20 million.
- THQ will pay $250,000 to Yukes for royalties owed for the WWE '13 videogame.
- Take-Two will now take over the team that has worked on WWE videogames over the last few years that saves THQ from terminating their employment and removing a near 6-figure severance payday from their financial ledgers.
Finally, there is expected to be an official announcement forthcoming from WWE & Take-Two.