Verizon will pay $250 million to settle a patent dispute with TiVo, TiVo said Monday.
Under the terms of the settlement, Verizon will initially pay $100 million, followed by quarterly payments. The agreement settles all litigation between the companies.
They are also considering deals to work together to make Verizon's Redbox content accessible to TiVo users.
"We also look forward to working together on a variety of future opportunities as we continue to expand the content choices available to TiVo subscribers," said Tom Rogers, CEO and president of TiVo. "As with prior settlements, we also benefit by being able to operate our business under license from Verizon and by avoiding future legal expenses that we would have incurred during and after trial. Furthermore, we believe this settlement positions us well with respect to future enforceability of our patents."
A Verizon spokesman said the company was pleased to have reached the settlement.
