A document filed yesterday in the court of Southern District of New York, WWE and Panini announced that they have come to a settlement agreement in principle over the lawsuit filed by Panini in September.
In the lawsuit, Panini said that “with no warning whatsoever, on August 28, 2023, Panini received a letter dated August 25, 2023, from WWE, purporting to terminate the Agreement for a purported breach of the terms of the Agreement.” The company was seeking a declamatory judgment that WWE’s termination was invalid and improper.
“Pursuant to the Court’s Order, the parties certify that they have conferred live and in real time to discuss a potential resolution. Specifically, on October 3, 2023 Nick Khan (CEO, WWE), Mark Warsop (CEO, Panini America) and Elisabetta Mussini (Group Licensing Director, Panini S.p.A.) conferred by Zoom for approximately 30 minutes and on November 14 the same parties plus their counsel conferred by Zoom for approximately 30 minutes,” the letter says.
“In addition, the parties exchanged settlement proposals and counterproposals on October 3, 2023, October 17, 2023, November 8, 2023, November 9, 2023, and November 13, 2023. Counsel for the parties were speaking regularly by phone throughout this period in connection with these proposals,” it continues.
Both parties are now in process of memorializing that agreement in a signed writing.
WWE said that the trading card company had breached their contract and wanted Fanatics to get the trading card rights immediately. WWE and Fanatics had already signed a deal where they were going to get the licensing in 2026.