DIC Sues Over Speed Racer
Created 04/28/2003 - 23:00
DIC Entertainment has sued Speed Racer Enterprises to enforce DICs television, merchandise and other ancillary rights to the animated series SPEED RACER, which is airing weekly on the Nickelodeon network. DIC is seeking damages of $5 million plus punitive damages and injunctive relief for fraud, breach of contract, injunctive relief, conversion, slander of title and a number of other causes of action in case filed with Los Angeles Super Court.
Rights holder Speed Racer Enterprises contends that DIC knowingly allowed its distribution agreement to lapse and failed to exercise an option to commit for more episodes by December 31, 2002. DIC counters that Speed Racer Enterprises withheld information about the terms and renounced the agreement at the last minute to get a better deal. DIC acquired worldwide rights to the 1960s property last summer for $779,500 plus 50% of gross receipts.
Founded in 1971, DIC is in the business of developing, producing, distributing, marketing and merchandising animated content for children and families worldwide, ranging from its original characters, such as INSPECTOR GADGET, to acquired properties, such as MADELINE, STRAWBERRY SHORTCAKE and SONIC THE HEDGEHOG.