US DVR specialist TiVo has settled its pending patent litigation with Cisco, Time Warner Cable and Arris – now owned by Google and Motorola – for a total of US$490 million (€371 million).
As part of the settlement, Google and Cisco will pay TiVo the upfront lump-sum payment of US$490 million, with TiVo agreeing to enter patent licensing agreements with Arris, Google and Cisco.
TiVo and Motorola, Cisco, and Time Warner Cable agreed to dismiss all pending litigation between the companies.
The agreement takes total awards and settlements related to TiVo’s intellectually property, which it has aggressively protected in the past, to roughly US$1.6 billion.
The latest cash will be partly recognised as damages during the second quarter, with the rest to come in over time.
“This settlement significantly enhances our already strong balance sheet, bringing our cash position to over US$1 billion before inclusion of future expected payments of at least US$400 million from prior settlements,” said TiVo CEO and president Tom Rogers.
He added that the firm has now doubled its stock repurchase programme to US$200 million, extending it for an additional two years until August 2015.
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