On Tuesday morning, Viacom and Google announced the end of a prolonged $1 billion copyright lawsuit that had centered on unauthorized videos uploaded to the YouTube video-sharing service.
In a joint announcement, the two parties stated that they have arrived at a settlement in the landmark litigation and plan to work together more in the future.
The companies issued the following statement:
Google and Viacom today jointly announced the resolution of the Viacom vs. YouTube copyright litigation.
This settlement reflects the growing collaborative dialogue between our two companies on important opportunities, and we look forward to working more closely together.
While the terms of the settlement remain undisclosed, the two sides say that the agreement reflects increasingly productive discussions between the two companies and a mutual willingness to work together. No money is reported to have changed hands during the settlement, which came in advance of oral arguments before the Second Circuit Court of Appeals in New York, scheduled for March 24.