Dish Network and EchoStar have agreed to pay TiVo $500 million as part of an agreement to dismiss pending patent litigation, reports Bloomberg.
“Our agreement with TiVo provides us a competitive advantage as one of the few multichannel operators with rights to operate under TiVo’s Time Warp patent," said Dish CEO Charlie Ergen in a statement.
TiVo had been trying to halt Dish’s DVR service since winning cases during the past several years, the piece notes. Ergen, who is also the chairman of EchoStar, has bought assets such as Blockbuster to help Dish compete against DirecTV and other rivals.
The settlement includes an initial payment of $300 million.