By James Caldwell, Torch assistant editor

THQ issued a press release today announcing that WWE has extended the deadline for THQ to make up its mind on whether to continue their working relationship through the THQ/Jakks Pacific joint venture.

WWE has extended the deadline to December 31 for THQ to decide whether to renew the wrestling license to produce WWE's yearly video games. A new five-year agreement would extend the relationship to December 2014 if THQ decides to continue working with WWE.

Video game website Joystiq.com published noteworthy analysis from a legal expert that it appears WWE is giving THQ more time to figure out a way to make Jakks "go away" to end the joint venture agreement, allowing WWE to work exclusively with THQ.

Coincidentally, WWE's relationship with Jakks Pacific to manufacture WWE toys and action figures will end on December 31. WWE will then hand over the official toy license to Mattel, which is already in the process of manufacturing WWE's new line of toys aimed at WWE's youthful audience.

Joystiq.com quoted an analyst for the investment firm Wedbush Morgan on the likely scenario: "It's pretty clear that WWE doesn't want to deal with JAKKS any more, and neither does THQ. The alternatives are to keep the deal as is for another five years (THQ and WWE unhappy, JAKKS happy), terminate the JV and have no WWE games for a year (THQ and WWE unhappy, JAKKS neutral), or pay JAKKS something to go away (THQ and WWE slightly upset, but happy about being able to deal with one another without JAKKS, and JAKKS happy). I'd bet on the third alternative, and THQ has another two months to make it happen."

Caldwell's Analysis: I assure you WWE wants to get as far away from Jakks Pacific as possible. WWE essentially wasted three years of legal time and energy trying to receive a remedy against Jakks in federal and state court for the well-documented bribery case at the beginning of the joint venture. I believe the option of WWE wanting THQ to find a way to get rid of Jakks is the most-likely reason WWE extended the deadline for THQ to make a decision.

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