Bloomberg has released an update on Take-Two acquiring the WWE video game license as part of THQ’s bankruptcy proceedings. Here is a list of some of the new terms.
* WWE and Yuke’s contracts with THQ have been terminated, allowing them to enter into new agreements with Take-Two, who will also hire the THQ crew that worked on WWE video games.
* THQ will have to pay WWE $650,000 in royalty payments for the video games sold while under bankruptcy protection.
* WWE’s “very large damage claims” against THQ have been dropped. The pre-bankruptcy claim of $45 million was for the value of the video game contract running through 2017.