Jakks’ Shares Fall 3% After Licensing Dispute
Shares of Jakks Pacific Inc. fell 3% after a dispute with World Wrestling Entertainment Inc. over the announcement of a licensing agreement.
The Malibu-based toy maker announced an agreement to develop a game system based on WWE characters, citing Donna Goldsmith, WWE’s senior vice president of consumer products. WWE later said the deal was only an amendment to an earlier agreement that is now in dispute and Jakks didn’t seek approval from Goldsmith to use her comment.
Jakks later acknowledged that the agreement wasn’t new but said WWE approved its original statement.
Jakks’ shares, which dipped 47 cents to $17.16 on Nasdaq, are down 29% since it revealed last month that WWE had sued to void the existing agreement.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
