Cablevision (NYSE: CVC) and Verizon (NYSE: VZ) have settled litigation over an advertising war in which each operator disparaged the other's Internet speed offerings.
"Cablevision and Verizon have resolved the dispute to both parties' satisfaction," read a statement released to FierceCable by Cablevision representative Lisa Anselmo.
It's the second major legal cease fire for Cablevision this week, with the MSO and Viacom requesting a stay on a two-year old dispute over program bundling. Last month, Cablevision agreed to a $17.7 billion buyout by Europe's Altice NV, which promised investors it would trim $900 million annually from Cablevision's bottom line over the next five years.
The beef with Verizon started in January, when Cablevision filed a lawsuit against the company in federal court for the Eastern District of New York, alleging that Verizon made false and misleading claims about the MSO's Wi-Fi service in ads.
"Verizon's claim that it has faster Wi-Fi than Cablevision is false, deceptive and designed to mislead consumers," a Cablevision statement said.
The MSO sued the wireless company again in May, after Verizon filed a complaint with the Better Business Bureau's National Advertising Division over Cablevision's ad that says Verizon's 100 percent fiber optic service claim is not true because the service uses a regular cable inside the home.
Over the summer, after Cablevision had consolidated the claims, a federal judge ordered the cable company to stop running ads calling Verizon a "liar."
- read this New York Law Journal story
Cablevision close to settling bundling suit with Viacom, report says
Cablevision v. GSN beef finally to be decided; MSO says network's claims are 'preposterous'
Cablevision fires back; it can't call Verizon a liar, but it can say lots of other mean things about FiOS