Since we heard the news that THQ went bankrupt earlier this week, it has been revealed now that the publisher owes the WWE a whopping $45 million.
In response to the bankruptcy, WWE sent out the following press release:
“WWE (NYSE:WWE) is listed in THQ, Inc.’s recent bankruptcy filing as an unsecured creditor holding a claim of approximately $45 million reflecting the entirety of the existing multi-year agreement. Any impairment of a current THQ account receivable would be immaterial to WWE’s financial statements. Even if the impact of THQ’s bankruptcy were detrimental to WWE, the Company does not believe that the ultimate economic impact for financial statement purposes would materially and adversely affect the results of operations or financial position of WWE in light of the strength of the WWE brand and the historical performance of WWE’s video game business.”
WWE signed and renewed its contract with THQ for the publisher to develop WWE-based video games for at least until the year 2017. It won’t be easy for WWE to bail out of this already signed agreement.
If Ubisoft’s rumored purchase of THQ goes forward, WWE may not have to worry after all.