Crypto settles with Marvel
CryptoLogic has settled with comic book company Marvel, after launching proceedings in April claiming its deal had been breached.
CryptoLogic has settled with comic book company Marvel, with the new terms including the redrawing of the licensing agreement between the two parties on a “non-exclusive” basis.
Proceedings were launched in April by CryptoLogic’s subsidiary WagerLogic against Marvel Enterprises Inc and Marvel Enterprises BV, with the games supplier claiming the terms of its October 2005 deal with Marvel Enterprises to be the “sole developer of Marvel-branded casino slot games on the internet” had been breached.
Today’s settlement involved the modification of certain business terms of its licensing agreement, including making the agreement “non-exclusive” and at a “reduced cost” to WagerLogic, and expanding it to include mobile platforms. The existing deal has also been extended by 12 months to January 2014.
CryptoLogic extended its original deal with Marvel in June 2009, despite not having produced a Marvel-branded slot since December 2008, by which time it had released 17 titles based on characters such as Spider-Man, The Incredible Hulk and The Fantastic Four.
WagerLogic stalling the roll-out of Marvel-branded titles and launching legal proceedings against the comic book company followed rival software business Playtech inking an “exclusive multi-year licensing agreement” with Marvel Entertainment’s Netherlands-based subsidiary, Marvel Characters BV in March 2008 to produce Marvel-branded casino, poker and bingo games across its web, TV and mobile platforms.
The redrawing of terms announced today also included the creation of new wagering games based on The Avengers and the other characters included in the original deal.