The courtroom drama between Spanish-language broadcaster Univision Communicaitons Inc. and Mexico City-based Televisa came to a halt on Thursday when both sides announced a settlement.
Televisa supplies Univision with most of its prime-time programs, or telenovelas. In its suit, Televisa claimed Univision had violated the agreement and the jury should cancel the contract immediately. The contract was scheduled to run until 2017.
Experts said that hundreds of millions of dollars were at stake in the lawsuit because of Univision's size and the amount of programming covered in the contract.
In a joint announcement, the companies said the settlement will mean larger payments to Televisa for programs. The amended programming agreement will continue until 2017.
"This settlement serves the best business interests of both Televisa and Univision," the joint statement said. "It assures the public that Univision will continue to have access to consistently top quality Hispanic programming. It enables Televisa to continue utilizing Univision's extensive television networks as an important distribution channel for its content into the U.S. marketplace."
The settlement came Thursday morning, before Jerry Perenchio, former chief executive of Univison, and Emilio Azcarraga Jean, chairman of Televisa, were scheduled to testify.
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