Genting Malaysia on Thursday (25 July) announced that it has resolved its dispute with Twentieth Century Fox Film Corporation, Fox Entertainment Group Llc, Twenty First Century Fox Inc, Foxnext Llc and The Walt Disney Company over an outdoor theme park’s development.
In a Bursa Malaysia filing, Genting Malaysia revealed that all parties 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”.
As part of the settlement terms, the parties have also entered into a restated memorandum of agreement which grants Genting Malaysia a license to use certain intellectual properties of Fox.
“Genting Malaysia is currently updating its development and construction plans to complete the outdoor theme park utilising both Fox and non-Fox intellectual properties,” it said.
“The outdoor theme park shall also be renamed.”
Genting Malaysia does not expect the settlement to materially affect its consolidated earnings, net assets and gearing for the financial year ending 31 December 2019.