Wemade Settles 'Legend of Mir' IP Royalty Dispute with China's Kingnet, Receives ₩43 Billion Settlement
Wemade settles IP royalty dispute with Kingnet, receiving ₩43 billion after arbitration and court rulings.Summary
Wemade resolved a long-standing royalty dispute with China's Kingnet over unpaid royalties for the 'Legend of Mir 2' IP through a ₩43 billion settlement. The conflict arose when Kingnet's subsidiary, Zhejiang Huanyou, failed to pay royalties for 'Namwoljeongi,' a game based on 'Legend of Mir 2.' Wemade enforced its rights via international arbitration and Chinese courts, leading to a ruling holding Kingnet liable. To stabilize its IP business, Wemade settled by withdrawing ongoing legal proceedings in South Korea, China, and Singapore in exchange for the payment. Separately, the ICC dismissed Zhejiang Huanyou's 2023 claims against Wemade, reinforcing Wemade's copyright ownership. The settlement underscores Wemade's commitment to protecting intellectual property rights.
(Source：Inven Global)