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THQ pins WWE license down for 8 years

The new, extended deadline for THQ to sign its WWE licensing agreement elapsed two days ago, leaving several people in suspense about the outcome. Today, THQ shared the news that it has secured the exclusive rights to develop and publish games based on the WWE wrestling license for eight additional years, effective January 1, 2010.

Not coincidentally, THQ has also settled its legal issues with WWE toy producer Jakks Pacific. THQ and Jakks will dissolve their venture using the other universal solvent: money. THQ has agreed to pay the company $20 million, along with previously earned royalties, and will pay the WWE $13.2 million.

All of the companies found this agreement preferable to the previous offer, wherein WWE and Jakks would hit THQ with folding chairs while the referee mysteriously looked away.

This article was originally published on Joystiq.