NEW YORK (CNNMoney) -- Dish Network and EchoStar Corp. agreed to pay TiVo Inc. $500 million to settle a patent dispute that dates back to 2004, the companies announced Monday.
TiVo will receive an initial payment of $300 million, with the remaining $200 million distributed in six equal annual installments through 2017.
Under the terms of the settlement, all three companies agreed to share certain patent licenses related to their digital video recorder (DVR) technology.
Tom Rogers, president and chief executive of TiVo, said he was "extremely pleased" with the agreement, which brings the total compensation his company has received from Dish to over $600 million, according to the companies' statement.
For Dish Network, the settlement provides a "competitive advantage" since the patents will allow the company to enhance the performance of its DVRs, said Dish CEO Charlie Ergen.
Separately, Dish said its first-quarter profit more than doubled from a year ago to $549 million. The satellite TV broadcaster added 58,000 subscribers following three quarters of losing subscribership.
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