Video game developer Take-Two Interactive Software Inc. struck a licensing agreement with the National Basketball Association and its players' union, The Wall Street Journal reported Jan. 15, citing a person with knowledge of the matter.

Under the agreement, Take-Two's 2K studio will continue making its NBA 2K franchise and other NBA-branded games, including smartphone apps.

Take-Two Interactive will pay up to $1.1 billion over seven years under the deal's terms.