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Financial News Network
September 25, 2012 AT 7:46 PM
TiVo (NASDAQ:TIVO) seeing a boost in today's session as it gets ready to receive a $250 million settlement from Verizon (NYSE:VZ). The lawsuit over television patents was resolved as both companies agreed to sign a deal to cross license their respective portfolios.By the numbers, the settlement will have Verizon paying TiVo $100 million up front, followed by recurring quarterly payments totaling $150.4 million through July 2018. Verizon could get a $29.4 million credit out of the deal though, if both companies agree to work on certain commercial projects.TiVo could also have a hand in content distributed via RedBox Instant, a joint venture between Verizon and Coinstar's Redbox. This could make the new service become available for people with TiVo DVR boxes already in their homes.Both companies seeing gains after the news broke yesterday. Verizon is up close to a half a percent to $45.88 while TiVo is up over 3% to $10.26.