Property, intangible

Caracol Television, S.A. and Telemundo Television Studios co-created a telenovela called “El Señor de los Cielos,” referred to as “the Series.” The parties agreed that if either party wanted to create a derivative work, i.e., another season, the other would have the option to become a co-producer. Telemundo wanted to make another season of the Series but Caracol did not, so they reached an agreement, embedded below. Telemundo went on to create even more seasons without any involvement of Caracol. Caracol claimed that Telemundo had breached their agreement and Telemundo responded that it acquired all rights to the original Series in their subsequent letter agreement and therefore did not need to involve Caracol any longer. Did or didn’t Caracol assign away its rights? Extra credit for explaining your theory.

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