Viacom has filed a lawsuit against MGA Entertainment over financing of the "Lalaloopsy" animated preschool series, reports The Hollywood Reporter.
In a lawsuit filed on Monday 14th December 2015, Viacom says that it has lived up to its end of the partnership by contributing US$5.2 million for a TV series based on MGA Entertainment's line of Lalaloopsy dolls, but that MGA has failed to deliver US$3.5 million on its end.
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The complaint was filed in California federal court and claims MGA, best known for the Bratz doll line, has breached it's contract with Viacom.
Viacom, which often partners with toy companies, says it arrived at a co-finance agreement with MGA in 2012. Afterwards, Viacom launched the animated "Lalaloopsy" television series on Nickelodeon and broadcast 52 episodes on Nickelodeon and Nick Jr. channels worldwide.
The terms of the deal had MGA paying US$9 million in three installments — $2 million in year one, $3 million in year two and $4 million in year three. Viacom says it is missing most of the final year's payment.
Late last month, MGA made a $500,000 minimum guarantee payment. "However, MGA has failed to pay the remaining US$3.5 million to Viacom that is due under the Co-Finance Agreement," adds the complaint.
Represented by attorney Richard Kendall, Viacom is now seeking damages. MGA hasn't yet responded.
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In a lawsuit filed on Monday 14th December 2015, Viacom says that it has lived up to its end of the partnership by contributing US$5.2 million for a TV series based on MGA Entertainment's line of Lalaloopsy dolls, but that MGA has failed to deliver US$3.5 million on its end.
The complaint was filed in California federal court and claims MGA, best known for the Bratz doll line, has breached it's contract with Viacom.
Viacom, which often partners with toy companies, says it arrived at a co-finance agreement with MGA in 2012. Afterwards, Viacom launched the animated "Lalaloopsy" television series on Nickelodeon and broadcast 52 episodes on Nickelodeon and Nick Jr. channels worldwide.
The terms of the deal had MGA paying US$9 million in three installments — $2 million in year one, $3 million in year two and $4 million in year three. Viacom says it is missing most of the final year's payment.
Late last month, MGA made a $500,000 minimum guarantee payment. "However, MGA has failed to pay the remaining US$3.5 million to Viacom that is due under the Co-Finance Agreement," adds the complaint.
Represented by attorney Richard Kendall, Viacom is now seeking damages. MGA hasn't yet responded.
Follow NickALive! on Twitter, Tumblr, Google+, via RSS, on Instagram, and/or Facebook for the latest Nickelodeon, Nick Jr., Viacom and Lalaloopsy News!