The company, Genting Malaysia Berhad, said in a filing to the Bursa Malaysia stock exchange that the settlement signed Thursday fully resolves both Genting’s original breach-of-contract suit filed in November and Fox’s counterclaim filed in January.
As part of the deal, Genting Malaysia said a new memorandum of agreement grants it “a license to use certain Fox intellectual properties” for the park, though which ones were not specified. It is updating plans to “complete the outdoor theme park utilising both Fox and non Fox intellectual properties,” it said. The outdoor theme park also is getting a new name.
The original 2013 licensing pact gave Genting rights to certain Fox intellectual property — at the time including from Planet of the Apes, Independence Day, Ice Age, Alien and Predator — for use in the park to be located at Resorts World Genting casino resort in Genting Highlands, Malaysia.
Genting eventually sued 20th Century Fox and Disney (before the companies’ official merger), accusing them of “improperly” pulling the plug on a “first-class, world-class” park that would have been Fox’s first. Fox filed a countersuit essentially saying Genting failed to meet construction timelines for the that’s park, located on the outskirts of Kuala Lumpur.
Fox claimed in its countersuit that Genting’s failure to “soft open” the park by June 2018 gave it the right to terminate the agreement. A lawyer for Genting said the deadlines were impossible to meet and that “Fox was more than willing to open Fox World, but only if Genting paid them well in excess of the amounts the parties originally agreed upon.”
Genting’s resort unit invested $300 million in Fox‘s first-ever international theme park, a 25-acre property featuring rides and attractions based on the studio’s films. A groundbreaking ceremony was held in December 2013 ahead of an originally planned 2016 opening.