THQ Inc. said Monday that an arbitrator determined that partner Jakks Pacific Inc is entitled to only a 6 percent preferred return payment rate from World Wrestling Entertainment Inc video games sold by their joint venture, rather than the 10 percent rate sought by Jakks.

The binding arbitration will result in Agoura Hills videogame maker having to pay the Malibu toymaker only about $34 million for the disputed period, between July 1, 2006 and March 31, 2009, Jakks said in its own statement. The new rate, which is 40 percent lower the previous rate, also applies through the Dec. 31 expiration of the WWE contract.

“As we expected, we have prevailed in this matter,” said James M. Kennedy, THQ executive vice president, business and legal affairs, in his company’s announcement. “We are gratified the arbitrator agreed the preferred return rate to Jakks Pacific on WWE video games will be significantly lower”

Jakks said it will reduce its receivables from THQ by the difference in the preferred return payment rate, about $22.5 million, and take a related non-cash charge in the second quarter. THQ said it will report a one-time benefit of about $23 million for its second quarter, which ends Sept. 30, and reduce the accrued venture partner expense on its balance sheet by that amount.

The companies went into arbitration after THQ earlier this month filed a suit disputing Jakks’ decision to extend the JV’s video-game license with WWE. Jakks, which makes toys based on WWE characters, want to exercise its option to renew the license for another five years, but THQ said that it was not yet ready to make a decision. The companies did not say Monday whether there had been a resolution on that issue.

In midday trading on the Nasdaq, Jakks shares were down 49 cents, or 4 percent, to $11.85 and THQ shares were up 6 cents, or less than 1 percent, to $8.66.