In a move sure to prevent massive hyperventilation by scores of rabid fans, Warner Bros. and Fox announced a settlement of the lawsuit over the upcoming motion picture Watchmen. Read on for the full story.

Warner Bros. and 20th Century Fox have settled their legal dispute over the long-awaited Watchmen movie. The movie will be released as planned March 6.

Warners still gets to distribute Watchmen, while Fox will reportedly receive an upfront multi-million dollar payment (Variety pegs the confidential amount as between $5-10 million) to cover its legal fees and development fees.

Fox will not have its logo on the film when it’s released, but it will receive a cut of its box office gross. The studio will also receive gross participation points in any potential sequels or spin-offs.

The studios said in a joint statement, “Warner Bros. acknowledges that Fox acted in good faith in bringing its claims, which were asserted prior to the start of principal photography. Fox acknowledges that Warner Bros. acted in good faith in defending against those claims. Warner Bros. and Fox, like all Watchmen fans, look forward with great anticipation to this film’s March 6 release in theatres.”

Fox sued Warners last spring over the rights to the film, and a federal judge ruled in December that Fox actually did own the copyright to Watchmen.

I, for one, am just glad this is over. I’m sure Warner Brois. and Fox are glad too, as the negetive sentiments this whole situation created, especially towards Fox, could have been very detrimental for both studios. Now everyone can get back to looking forward to the release of this awesome looking film. To that end, here is the latest trailer.

For more information, visit the film’s official website: www.watchmenmovie.com