Take-Two takes over licensing of WWE franchise from THQ
Grand Theft Auto
owner Take-Two Interactive has taken over development of the World Wrestling Entertainment video game series from bankrupt publisher THQ.
THQ was forced to file for bankruptcy recently
, and its various assets and studios were sold off to the highest bidders. However, certain assets like the Darksiders
franchise, the WWE game series, and studio Vigil Games, did not find buyers.
Now Take-Two has agreed
to take the WWE series under its wing, reports Bloomberg, entering into contracts with both the WWE and Yuke's Co., the Japanese developer that created the wrestling games for THQ.
Notably, the deal will help THQ out greatly. Both the WWE and Yuke's had previously filed large claims exceeding $60 million against THQ, due to terminated contracts that the bankruptcy had caused.
However, with this new Take-Two deal, both companies have now agreed to waive their claims in exchange for royalty payouts. WWE will receive $650,000 from THQ, while Yuke's will receive $4.5 million in shares, and royalties of $250,000.