Google Inc (GOOG) and Viacom have settled the YouTube lawsuit
Google Inc (NASDAQ:GOOG) and Viacom have settled its copyright infringement lawsuit regarding clips uploaded to YouTube. This legal battle has been ongoing for seven years. An agreement was settled out of court. Viacom is known as the parent company of media brands like Comedy Central, MTV and Paramount Pictures.
Viacom filed a lawsuit in March 2007 for $1 billion in damages. The terms of the agreement were undisclosed. Viacom accused YouTube of allowing users to upload clips of its content and deliberately allowed it to remain on the website.
In 2010, Viacom released details of conversations that took place about YouTube. YouTube said that even Viacom was uploading their own content to YouTube so there was no way YouTube could have ever known which content was and was not authorized to be on the website. Around that time, Google’s CFO said that around $100 million was spent on the case.
“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,” said Google in a statement today.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry