Verizon Wireless will pay TiVo more than $250 million in a settlement stemming from a DVR patent lawsuit, both companies have agreed.
Verizon will pay monthly license fees for each of its DVR subscribers through July 2018.
The companies also plan to discuss the future distribution of Internet video services developed through Verizon and its new partner, Redbox. Content distributed through this service could be a part of the current content accessible to TiVo users.
TiVo and Verizon agreed to dismiss all pending litigation between the companies with prejudice. They also entered into a cross-license of their respective patent portfolios in the advanced television field.
Tom Rogers, CEO and president of TiVo, said the company will benefit by avoiding legal expenses it would have accumulated during a trial.
