Aereo will make a sizable payout to ABC, Fox, CBS and other broadcasters to settle a copyright infringement lawsuit brought by the broadcasters.
Deadline.com reports that the tech startup, which has been shut down, agreed to pay out $950,000 to make the suit go away. The suit, which was also brought by Telemundo and other broadcasters, sought $99 million.
“But with just $1.55 million raised in the auctioning off of the company’s assets to Tivo and others, there was only so much blood anyone was going to get from this stone,” Deadline notes.
The report quotes an April 20 joint motion from the debtor and creditor’s committee that says in part: “The Settlement avoids protracted, expensive litigation and is in the paramount of interests of creditors because it allows for the confirmation of a Chapter 11 plan.”
The settlement still has to be approved, with a hearing set for May 7.