KongZhong Signs MOU with Wargaming For Payments Tied To “World of Tanks” Video Game

KongZhong said Wednesday the company and some of its affiliates entered into an agreement with Wargaming.net such that the company shall no longer have to make additional payments to Wargaming when the monthly gross revenue from “World of Tanks” exceeds a specified target.

In addition, both the company and Wargaming will be relieved from certain non-competition obligations under the various license agreements between the duo, according to a Form 6-K filing with the Securities and Exchange Commission.

Furthermore, the MoU also stipulates the strategic partnership between the company and Wargaming will also be terminated.