Credit: Bloomberg

Take-Two Interactive Software has officially acquired the WWE video game license following THQ's bankruptcy. The acquisition, which had been rumored for some time, has now been made official as revealed in court documents filed on Tuesday.

The deal will see WWE and Yuke's, the game developer that THQ brought in to help produce the games, terminate their contracts with THQ and enter into new agreements with Take-Two. Take-Two will also hire THQ's employees that work on the WWE games; the deal also wipes out damage claims that would have otherwise come about from the contracts being terminate. WWE has agreed to waive its pre-bankruptcy claims of about $45 million, as well as claims for annual royalty advances of about $7.5 million for the licensing contract that would have run through 2017.