Kemo
11-16-2023, 09:46 AM
Trading card manufacturer Panini and WWE have reached an "agreement in principle" that should end the legal dispute between the two companies.
WWE & Panini inked an agreement in 2021 that made Panini the sole manufacturer of WWE trading cards. In September of this year, it was reported that WWE had severed its ties with the trading card manufacturer, alleging a breach of contract with over two years remaining on its deal.
Panini vehemently disputed WWE's claims and sought to not only retain the deal but also avoid paying a substantial sum demanded by WWE. A filing by WWE for a restraining order against Panini was subsequently denied.
In court documents that have come to light this week, it was revealed that WWE CEO Nick Khan spoke with representatives from Panini over Zoom on October 3, and later on November 14. The parties exchanged settlement proposals and have reached an agreement in principle and both sides are in the process of drafting an agreement.
"Discussions between the parties and their counsel have resulted in an agreement in principle. The parties are in the process of memorializing that agreement in a signed writing."
The documents did not reveal if any money has changed hands between the two parties or if there are other agreements as part of this settlement. WWE-related cards and other products remain available on Panini's website for purchase at this time.
WWE & Panini inked an agreement in 2021 that made Panini the sole manufacturer of WWE trading cards. In September of this year, it was reported that WWE had severed its ties with the trading card manufacturer, alleging a breach of contract with over two years remaining on its deal.
Panini vehemently disputed WWE's claims and sought to not only retain the deal but also avoid paying a substantial sum demanded by WWE. A filing by WWE for a restraining order against Panini was subsequently denied.
In court documents that have come to light this week, it was revealed that WWE CEO Nick Khan spoke with representatives from Panini over Zoom on October 3, and later on November 14. The parties exchanged settlement proposals and have reached an agreement in principle and both sides are in the process of drafting an agreement.
"Discussions between the parties and their counsel have resulted in an agreement in principle. The parties are in the process of memorializing that agreement in a signed writing."
The documents did not reveal if any money has changed hands between the two parties or if there are other agreements as part of this settlement. WWE-related cards and other products remain available on Panini's website for purchase at this time.