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TiVo (NASDAQ:TIVO) is up over 6 percent this morning on news that Verizon (NYSE:VZ) will be writing it a $100 million check to settle a pending patent suit. The license agreement also includes $150.4 million total in quarterly payments through July 2018. AT&T (NYSE:T) reached a similar deal with TiVo in January for $215 million.
“We are pleased to reach an agreement with Verizon which underscores the significant value our distribution partners derive from TiVo’s technological innovations and our shareholders derive from our investments in protecting TiVo’s intellectual property,” said TiVo CEO and president Tom Rogers in a statement.
The settlement clears the air of any litigation between the two companies. With the water under the bridge, Rogers continues, “We also look forward to working together on a variety of future opportunities.” These opportunities could include a relationship with the Verizon/Redbox (NASDAQ:CSTR) joint venture to distribute content online and make it accessible to TiVo users.
TiVo has also won settlements with Dish Network (NASDAQ:DISH) and Echostar (NASDAQ:STATS) in the past. TiVo is up over 15 percent this year to date as it continues to successfully defend and license its intellectual property.
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