Verizon and TiVo announced an agreement on Monday in which Verizon will pay TiVo $250.4 million plus additional fees to license its patented technology. The two firms had been locked in a legal battle after TiVo accused Verizon of infringing on its patented technology related to digital video recording (DVR) devices. TiVo has also accused Cisco and Motorola of infringing on its patents and is largely viewed as inventing the DVR space.

The Associated Press said that Verizon will pay TiVo $100 million in cash up front and will then pay the additional $150.4 million in quarterly payments until the summer of 2018. It will also be required to pay licensing fees for "each of its DVR subscribers above a certain level," the AP said.

[via AP]