Coming Soon: a Michael Jordan Palm
Earlier this month, PTN Media, Inc. entered into a three-year, exclusive, royalty-free, worldwide license agreement with Michael Jordan, the former NBA player, granting PTN Media the right to use Jordan's name, likeness, image, and endorsement in connection with the proposed advertisement, promotion, and sale of handheld computers using the Palm OS.
The agreement provides that PTN Media will pay Jordan a royalty equal to 12% of the proceeds from the sale of certain Palm products, but in no event less than an annual minimum royalty of $1,000,000 in the first year and $1,250,000 in the second and third years.
The company has not yet amended its OEM partner agreement with Palm, Inc. to include its rights under this agreement.
This is the same company that is selling the Claudia Schiffer Palm.
Article Comments(10 comments)
This article is no longer accepting new comments.