(Update: Mattel responded late today. "Mattel always has been open to good faith settlement discussions, and we are continuing to participate in this process as directed by the Court." The judge has asked both sides to pursue a settlement, which is standard procedure. )
The Wall Street Journal reported this afternoon that MGA Entertainment is willing to share revenues from future sales of its Bratz Dolls with rival Mattel in order to avoid further litigation.
Last month a jury determined that MGA and its CEO, Isaac Larian, should pay Mattel $100 million for copyright infringement and other issues because the Bratz dolls were conceived by a Mattel employee while he was still under contract with Mattel. A judge has to decide whether to alter that award.
CEO Larian says the WSJ has it wrong. Sharing revenues from Bratz has not been agreed upon.
"That news report is incorrect. I've already sent them email and asked them to correct and retract it right away," Larian told us. "What is correct is we're waiting to enter into a global settlement with Mattel on all issues."
What exact sort of settlement, Larian wouldn't say.
"We'd like to spend time on positive energy and creating great products--and not to waste it on legal fees," Larian said. "I don't think spending money on legal fees is what the toy business needs, and I don't think it is in the interest of MGA or the Mattel shareholders as the market has shown."
Questions? Comments? Funny Stories? Email email@example.com