ReportPCF Group
Current Report No. 22/2022: Agreement on Termination of Production and Publishing Agreement
2 pages~2 min full read
People Can Fly U.S., LLC and Take-Two Interactive Software, Inc. terminated their 2020 production and publishing agreement for Project Dagger, effective October 1, 2022.
See it on page 1People Can Fly retains exclusive ownership of the Project Dagger intellectual property, as Take-Two did not exercise its option to acquire the rights and its license has expired.
See it on page 2If People Can Fly self-publishes Project Dagger, they must pay royalties to Take-Two on a quarterly basis until a total of $20 million is repaid.
See it on page 1If Project Dagger is released via a new publisher, People Can Fly is obligated to repay the $20 million in two equal installments due six and twelve months after the game's launch.
See it on page 2No financial repayment to Take-Two is required if Project Dagger fails to reach a commercial release.
See it on page 2The report announces that on October 1, 2022, People Can Fly U.S., LLC and its parent PCF Group S.A. entered into a termination agreement with Take‑Two Interactive Software, Inc., ending the 2020 production and publishing contract for Project Dagger. The termination agreement specifies how financial obligations will be settled depending on the eventual release model of the title. If Project Dagger is released through self‑publishing by People Can Fly U.S., the company will pay royalties to Take‑Two on a quarterly basis until cumulative payments equal a predetermined repayment amount of $20 million. If the game is released with a new publisher, People Can Fly U.S. will repay the same $20 million in two equal installments due six and twelve months after launch. No repayment is required if the game never reaches commercial release, regardless of model.
The agreement also confirms that Take‑Two did not exercise its option to acquire intellectual property rights under the original contract, and that the license granted to Take‑Two has expired. Consequently, People Can Fly U.S. retains exclusive ownership of Project Dagger’s intellectual property. Standard termination provisions accompany the agreement, covering general legal and procedural matters. The report covers a single geographic jurisdiction—both parties are headquartered in New York, USA—and pertains exclusively to the Project Dagger title within the video‑game development and publishing sector. No survey or external data sources are cited; the document is a straightforward corporate disclosure of contractual termination and financial settlement terms.
