A lawsuit brought against 21st Century Fox and The Walt Disney Company regarding a Malaysian theme park has reached a settlement. The park will continue to use licensed Fox intellectual properties (IPs), but will no longer be called “Fox World.”
Via The Hollywood Reporter
What’s happening:
- A lawsuit against 21st Century Fox and The Walt Disney Company regarding a theme park in Malaysia has reached a settlement agreement.
- The park located just outside of Kuala Lumpur, the Capital of Malaysia, will be able to use Fox IPs but will no longer be branded as “Fox World.”
- According to The Hollywood Reporter, the settlement between Fox, Disney, and Genting Malaysia Berhad (GENM) was filed earlier this week.
- GENM sued the companies last November alleging that they'd spent $750 million to create a park themed to Fox properties such as Ice Age and Planet of the Apes, and that Fox and Disney were backing away with “seller’s remorse.”
- According to the lawsuit, GENM had made the licensing deal with Fox in 2013, well before Disney entered the picture as the purchaser of Fox assets.
- GENM alleged that Fox became less supportive of the deal as time went on and tried to renegotiate for “better economic terms.”
- Additionally, GENM claimed that when Disney become involved they wanted to back out as they didn’t want their brand to be associated with a park located close to casinos.
- Fox responded to the claims saying, “Genting has been failing to meet the agreed-on deadlines for several years, long before the 21CF-Disney agreement. The allegation that Disney, rather than Fox, finally decided to declare a default is simply made up.”
- Now, a settlement has been reached allowing the park licensed use of Fox IPs, however they will no longer call it “Fox World.”
- GENM reports they are adjusting their development and construction to include both Fox and non-Fox IPs.
- THR says, “both the claims and counterclaims will be dismissed by mutual consent.”