By Tess Stynes
Activision Blizzard Inc. said it would receive a settlement of
$275 million from a number of insurance companies and defendants in
a legal dispute stemming from the videogame maker's October 2013
repurchase of 88% of Vivendi SA's majority stake in the
company.
Activision, best known for its "Call of Duty" war-simulation
games and "World of Warcraft" online fantasy franchise, said
Wednesday that it thinks the settlement is in the best interest of
all stakeholders. The settlement acknowledges no wrongdoing by any
party.
The settlement includes an agreement to add two unaffiliated
directors to Activision's board, an adjustment of voting rights and
a release of all claims.
In July 2013, Activision reached an agreement to buy back nearly
$6 billion worth of Vivendi's holding in the company, ending months
of negotiations over the fate of the videogame giant. The French
conglomerate took its controlling stake in 2008 as Activision
merged with Vivendi's games unit, which at the time included
Blizzard Entertainment.
Write to Tess Stynes at tess.stynes@wsj.com
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