News Summary: Tivo settles patent suits for $490M

AP News
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Posted: Jun 07, 2013 12:14 PM

THE DEAL: Tivo settled patent disputes with Cisco, Motorola Mobility and Time Warner Cable. The deal brings to a close a string of long-running legal squabbles over its digital video recorder technology.

THE NUMBERS: Tivo will get a lump-sum payment of $490 million from Google Inc. and Cisco Systems Inc. Cisco will be responsible for $294 million of that, according to a regulatory filing.

THE SHARES: The settlement fell well short of what most investors had expected. Tivo shares plunged 18 percent in morning trading Friday.