September 15, 1999 16:28
Source Media and TV Guide Reach Agreement on Lawsuits
DALLAS, Sept. 15 /PRNewswire/ -- Source Media, Inc. (Nasdaq: SRCM) announced today that it has entered into a settlement agreement with TV Guide, Inc. (Nasdaq: TVGIA) resolving various disputes between the parties that were asserted following the announcement of a joint venture between Source Media and Insight Communications, Inc. (Nasdaq: ICCI).
TV Guide had claimed damages in excess of $3,000,000 for alleged violations of a Letter of Intent between the parties. Under the terms of the settlement, TV Guide waived any claims against Source Media relating to the Letter of Intent, without any payment by Source Media. TV Guide further agreed to refrain from any business disparagement and any future violations of the Non-Disclosure Agreement between the parties.
Stephen Palley, Chief Executive Officer of Source Media, said, "We feel that this settlement vindicates our position and affirms the viability of Source Media's patents."
Under the terms of the settlement, Source Media agreed to withdraw its lawsuit filed against TV Guide alleging violations of the Non-Disclosure Agreement.
Source Media is a leader in localized new media content, advertising and technology. Source Media's interactive agency, IT Network, Inc., provides streaming media content and advertising services over PC, telephone and digital cable TV. Source Media's Interactive Channel, Inc. is the localized interactive cable TV programming service designed for today's digital cable TV programming tiers. Source Media's VirtualModem(TM) division develops the intellectual property,
software, and patents behind the Company's interactive cable TV technology, which includes Internet on TV. For up-to-date information about Source Media, please access its Internet home page at sourcemedia.com.
SOURCE Source Media, Inc.
/CONTACT: Paul Tigh, Chief Financial Officer and Treasurer of Source
Media, Inc., 972-701-5556/
/Web site: sourcemedia.com
(SRCM TVGIA ICCI) |
