WWE is on course to end its legal battle with Panini.
It was reported in September that WWE had entered a legal battle with Panini worth up to $5 million. WWE had terminated its contract with the trading card company early and alleged a breach of contract.
At the time, Panini was still selling the company’s products – which WWE claims is a violation of their contract – so the sports entertainment giant were attempting to get an injunction to stop that. The belief is that the contract still had two years left to run.
Panini then launched its own legal action against WWE due to the termination of their contract – which was only signed in March 2022 – claiming that the move came “with no warning whatsoever” and that they had fulfilled all of their obligations.
WWE & Panini Reach Agreement In Principle
Now, it appears that the two parties are on the verge of settling their differences. A new court filing shows that WWE CEO Nick Khan took part in two sessions with Panini to exchange settlement proposals, and it appears that they have reached an agreement in principle.
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.
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.
The 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.
Potential BIG update in the Panini/WWE lawsuit.
In a letter to the court, the parties note that "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." pic.twitter.com/4is99RyFdQ
— Paul Lesko (@Paul_Lesko) November 15, 2023