Fox grants Genting Malaysia IP usage in outdoor theme park

Fox has granted Genting Malaysia a license to use certain Fox intellectual properties in its upcoming outdoor theme park in a settlement over a dispute that started in November 2018. The theme park, which was initially intended to bear the Fox brand, will now be renamed.According to a bursa filing, both parties have agreed to "fully resolving their disputes" against each other and to "dismiss all claims and counterclaims" between them. As part of the settlement terms, Genting Malaysia shall complete the outdoor theme park utilising both Fox and non Fox intellectual properties. It is currently updating its development and construction plans to do so.The settlement  of the legal proceedings is not expected to have any material effect on the consolidated earnings, net assets and gearing of Genting Malaysia for the financial year ending 31 December 2019, said the filing.Last November, Genting Malaysia sued Twenty-First Century Fox and The Walt Disney Company for over US$1 billion for abandoning the contract signed in 2013 to construct the world’s first Fox-branded theme park named Fox World. The US$1 billion comprised the approximately US$750 million Genting had invested in the park, as well as consequential and punitive damages. In the court document, Genting alleged that both parties faced “seller’s remorse”, and that Fox has “improperly conspired” with Disney to “sabotage” the Fox World project.Disney later denied Genting’s claims of it abandoning the contract, with its spokesperson telling A+M that the claims made against Disney in this matter are “utterly without merit”.Fox also bit back in January this year, filing a US$46.4 million (approximately RM191.7 million) counter-claim against Genting Malaysia for breach of contract and breach of the implied covenant of good faith and fair dealing. According to the bursa filing, the amount is in respect of annual licence fees, guarantee amounts or royalties and travel reimbursements pursuant to the Memorandum of Agreement dated 1 June 2013, as well as consequential damages, reasonable costs and other relief under applicable law.