THQ owed WWE $7.6 million, disclosure statement reveals
A recent disclosure statement filed by THQ revealed details of the terms the publisher came to with the WWE and series developer Yuke's when the publisher folded. At the time of THQ's bankruptcy filing in December 2012, it owed approximately $7.6 million to WWE for marketing and royalties expenses, as well as $15 million to $20 million to Yuke's.
According to the statement, THQ, WWE and Yuke's all signed termination agreements on February 12, 2013 that relieved THQ of responsibility in paying WWE and Yuke's of those claims. THQ agreed to pay WWE royalties for sales of WWE games during its Chapter 11 case, and will also pay Yuke's $250,000 in settlement for royalties from sales during the time of its bankruptcy filing.
As a result, WWE and Yuke's terminated existing contracts with THQ in order to pursue a publishing agreement for future WWE games with Take-Two. Damage claims against THQ that were eliminated as a result of the termination agreement "may have exceeded $60 million," according to the document.
