Viacom and Google have agreed to bury the hatchet, ending a seven-year landmark legal battle over YouTube. The companies announced today they had agreed to settle Viacom’s $1 billion dollar copyright infringement against Google out of court.
Google has fought the case vigorously and one official says it has cost the search engine giant $100 million.
Viacom filed the lawsuit back in 2007, charging YouTube was running clips from its movies and television shows without permission. Google countered that it would pull down content if notified it was illegally posted. Viacom owns cable networks Comedy Central, MTV, Nickelodeon, and Paramount studios.
The case was due to be heard in court this week. The agreement is an apparent realization by Viacom that YouTube has become an incredible digital platform for exposure — especially for movies, music, and television. The agreement reportedly did not involve an exchange of money.