Theme park and casino resort operator Genting Malaysia has announced it has settled a lawsuit against Fox and Walt Disney Co after the two companies pulled out of a theme park licensing deal.
In a stock market filing, Genting said all disputes have been resolved and all parties have agreed to dismiss all claims against one another.
Genting Malaysia was seeking more than $1 billion in damages as it claimed Fox terminated an agreement in the theme park project because Disney did not want to be associated with a business that has ties to the gaming industry.
Genting and Fox signed an initial agreement for the ‘Fox World’ theme park before Disney’s takeover of Fox.
Genting claimed in the lawsuit it had spent $750 million on the theme park.
The companies signed a new memorandum of agreement which gives Genting use of certain Fox trademarked properties, but it will no longer be called Fox World.
"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 in the filing.
