AceShowbiz - Will Smith's production company, Overbrook Entertainment, has reached a settlement after being sued over "King Richard" - a biopic based on the life of Serena and Venus Williams' father, Richard Williams.
In court documents obtained by Entertainment Tonight, it is claimed Overbrook chiefs "have entered into a settlement" with TW3 Entertainment and Power Move Multimedia, who are "dismissing their claims against defendants with prejudice."
The two parties, however, ask the court to retain "jurisdiction over the Parties to enforce the payment term in the settlement."
Also named as defendants in the suit are Warner Bros., Williams and his son and business partner Chavoita LeSane, and production company Star Thrower Entertainment, as well as its executives Timothy and Trevor White.
Back in June (20), it emerged that bosses at TW3 Entertainment and Power Move Multimedia were suing over the project, claiming that they were the true owners of the tennis coach's life rights.
They claimed they bought the rights to Williams' 2014 memoir, "Black and White: The Way I See It", in 2017 from LeSane, who allegedly had been given power of attorney by his father for the "purposes of dealing with film and media rights for his book."
LeSane was allegedly involved in an initial draft of a script for the project too, before Williams later sold the rights to his story for "King Richard" for $1 million (£800,000).
"King Richard", starring Will as Richard, Saniyya Sidney as Venus, and Demi Singleton as Serena, is slated for a 2021 release.