MUMBAI: The Teenage Mutant Ninja Turtles franchise has been sold to Nickelodeon for $60 million by Mirage Group, ending its long-running licensing and production partnership with 4Kids Entertainment that received $9.75 million for the early termination of its contract.
The contract with Mirage Group was to expire in 2012.
In exchange for its decision to terminate the deal, 4Kids Entertainment received $9.75 million with a possibility of getting an additional $1 million upon expiration of the current transaction.
Said 4Kids Entertainment chairman and CEO Alfred R. Kahn, "This is a great deal for both of us. We congratulate Mirage on the sale of the Teenage Mutant Ninja Turtles to Nickelodeon and on their gracious recognition of the contribution made by 4Kids to re-launch the Teenage Mutant Ninja Turtles franchise in 2002 for a new generation of kids around the world." 4Kids will also continue to air the television episodes of Teenage Mutant Ninja Turtles that it co-produced with Mirage in TheCW4Kids block till the end of the 2009-2010 broadcast season.
Nickelodeon that acquired the global rights to the Teenage Mutant Ninja Turtles for about $60 million plans to develop a new CG-animated series for a 2012 premiere.
It is also working with Paramount Pictures on a feature film planned for a 2012 release. Nickelodeon has acquired all merchandising rights to Teenage Mutant Ninja Turtles and will continue to work with Playmates Toys on the toy rollout.
