Cablevision and Viacom Reach Agreement To Resolve Pending Litigation
Cablevision Systems Corporation (NYSE:CVC) and Viacom Inc. (NYSE: VIA, VIA.B) today reached an agreement to resolve litigation filed in the Southern District of New York related to Cablevision's Optimum Apps. In connection with the agreement, the companies jointly issued the following statement:
"Viacom and Cablevision have agreed to resolve their pending litigation, and the Viacom programming will continue to appear on Cablevision's Optimum Apps for iPad and other IP devices. In reaching the settlement agreement, Cablevision and Viacom were able to resolve the iPad matter and an unrelated business matter to their mutual satisfaction. Neither side is conceding its original legal position or will have further comment."
Cablevision Systems Corporation is one of the nation's leading media and telecommunications companies. In addition to delivering its Optimum-branded cable, Internet, and voice offerings throughout the New York area, the company owns and operates cable systems serving homes in four Western states. Cablevision's local media properties include News 12 Networks, MSG Varsity and Newsday Media Group. Cablevision also owns and operates Clearview Cinemas.
Additional information about Cablevision is available on the Web at www.cablevision.com.
Viacom is home to the world's premier entertainment brands that connect with audiences through compelling content across television, motion picture, online and mobile platforms in more than 160 countries and territories. With approximately 170 media networks reaching more than 600 million global subscribers, Viacom's leading brands include MTV, VH1, CMT, Logo, BET, CENTRIC, Nickelodeon, Nick Jr., TeenNick, Nicktoons, Nick at Nite, COMEDY CENTRAL, TV Land, Spike TV and Tr3s. Paramount Pictures, America's oldest film studio and creator of many of the most beloved motion pictures, continues today as a major global producer and distributor of filmed entertainment. Viacom operates a large portfolio of branded digital media experiences, including many of the world's most popular properties for entertainment, community and casual online gaming.
For more information about Viacom and its businesses, visit www.viacom.com.
Jim Maiella, Vice President,
Media Relations, +1-516-803-3947; or
Jeremy Zweig, Vice President,
Corporate Communications, +1-212-846-7503,