The partnership between WWE and Panini is no more, as today it was revealed that WWE has terminated its agreement with Panini for breach of contract, a contract that still has over two years left. The news was broken by Sports Business Reporter Darren Rovell, who added that WWE will seek an injunction to stop Panini from continuing to sell WWE product. Rovell also said that the deal between WWE and Fanatics that was supposed to begin in 2026 is expected to begin immediately. Panini is disputing WWE’s claims and seeking to keep the deal in place, as well as avoid paying out a substantial sum that WWE is requesting.
Videos by ComicBook.com
In his initial post on Twitter, Rovell wrote “JUST IN: Two weeks ago, the WWE terminated Panini for breach of contract with 2+ years left. The WWE says Panini, which is still selling products, is now in violation and will seek an injunction. Fanatics, which had deal starting in ’26, is expected to get rights immediately.”
Panini has now filed its own case, and Brandon Thurston has a breakdown of Panini’s claims regarding the case. “WWE and Panini agreed to a deal on March 14, 2022, to produce trading cards and stickers using WWE IP. Panini claims it has performed and fulfilled obligations under the contract. ‘[W]ith no warning whatsoever’ on August 28, 2023, Panini received a letter from WWE (dated August 25), purportedly terminating the deal.
Panini claims this is a breach of contract and wants the termination declared invalid. The deal began with a term sheet on October 1, 2021, then they made a four-year agreement on March 14, 2022, making the deal retroactively effective January 1, 2022, and to end in 2025. Panini launched the ‘WWE Prizm’ trading card set in April 2022 and stickers the next month. There were digital and physical trading cards. Panini used WWE cards for ‘Box Wars’ or ‘Pack Wars’ games played at conventions.
Panini says WWE never raised any issues with Panini’s performance, accepted royalty payments, and ‘praised Panini for tripling the business.’ WWE allegedly suddenly terminated the deal, purportedly under a provision of the contract giving WWE the right to terminate if Panini ‘did not engage in good faith efforts’ to make WWE physical trading card games and digital trading cards. WWE allegedly demanded Panini immediately pay WWE $5,625,000, the minimum royalties due under the contract.
Panini claims the window to terminate under the provision was between April 1 and June 1, 2022, which has passed. Panini wants declarations: that it hasn’t breached the contract, that WWE’s termination is invalid, that the contract remains in effect, and that it doesn’t have to pay the $5,625,000 WWE claims is immediately due.”
Fanatics began its partnership with WWE in 2022, but the trading card and collectibles side was already part of a deal with Panini, so Fanatics wouldn’t gain that part of WWE’s operation until 2026. Fanatics acquired Topps earlier this year, which used to work with WWE on their trading cards before the Panini deal. As part of the Fanatics deal, Topps will once again be the logo utilized on WWE cards, and now it seems that will happen sooner rather than later.
