PETALING JAYA: Genting Malaysia Bhd (GenM) has reached a settlement with Fox, Twenty First Century Fox (21CF) and The Walt Disney Company over their disputes related to the Fox-branded theme park in Genting Highlands.
The group has entered into a settlement agreement with Fox Entertainment Group LLC, Twentieth Century Fox Film Corp, Foxnext LLC, 21CF and Disney, which will see them granting GenM a licence to use certain Fox intellectual properties.
This is part of the restated memorandum of agreement dated July 25, GenM said in a Bursa Malaysia filing yesterday.
GenM is currently updating its development and construction plans to complete the outdoor theme park utilising both Fox and non-Fox intellectual properties. The outdoor theme park will also be renamed.
GenM said the settlement agreement fully resolved the disputes against all parties and all have agreed to dismiss all claims and counterclaims between the parties in the pending legal action in the United States District Court for the Central District of California.
The settlement of the legal proceedings is not expected to have any material effect on the consolidated earnings, net assets and gearing of GenM for the financial year ending Dec 31, 2019.
In November, 21CF and Disney pulled out of an agreement to allow GenM to build a theme park using the design and intellectual property rights owned by Fox Entertainment Group LLC.
The theme park was supposed to have opened in mid-2019.
As lawsuits and counter-lawsuits were filed, GenM decided to go ahead and build a larger outdoor theme park but the opening date was delayed.
According to reports, GenM has invested over US$750mil (RM3.1bil) in the theme park.