New Frontier Media Inc. settled its lawsuit against Pleasure Productions
after the company agreed to give The Erotic Networks' parent company 2,000
titles from its porn catalog, in addition to 83 of its "highest-quality new
releases."
New Frontier sued in 1999, alleging that the company didn't live up to a movie-supply agreement with New Frontier's Colorado Satellite Broadcasting Inc. unit, according to Dow Jones.
The licensing agreement granted Colorado Satellite the right to 4,000 adult movies already produced or acquired by Pleasure or affiliates, plus three new movies per month.
New Frontier had asked for the return of 700,000 of its shares and warrants for another 700,000.
Pleasure -- which had been accused of stiffing New Frontier on a programming
deal -- agreed to cancel the 700,000 warrants to buy New Frontier stock at
$1.12 per share.
