NEW YORK (AP) — Cablevision has dropped a two-year-old lawsuit against Viacom that accused the channel operator behind MTV, Nickelodeon and Comedy Central of charging it exorbitant fees if it did not also carry less popular channels like Logo and Palladia.
The companies said in a joint statement Friday they had resolved the legal fight and were “entering into mutually beneficial business arrangements.”
Cablevision Systems Corp., which has agreed to be bought by European telecoms giant Altice for $17.7 billion, argued in its March 2013 suit that Viacom Inc. abused its market power and coerced it into taking channels it didn’t want.
Viacom shares fell 34 percent this year on sagging TV ratings. New products like Dish’s Sling TV are pressuring cable companies to offer smaller bundles of channels that cost less to consumers.
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