Google And Viacom Settle YouTube Lawsuit

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NEW YORK (CNNMoney) -- Google and Viacom have settled a copyright infringement lawsuit that dates back to the dawn of the YouTube age.

The two companies announced the resolution of the seven-year-old case in a statement on Tuesday. They did not release the terms.

Viacom originally filed suit in 2007 against YouTube, a unit of Google, seeking more than $1 billion in damages for unauthorized uploads of video clips from "The Daily Show with Jon Stewart" and other programs on Viacom channels.

Viacom's lawyers argued that YouTube profited from illegal clips. Google's lawyers argued it abided by provisions under the Digital Millennium Copyright Act and removed unauthorized videos, when notified.

Since the lawsuit was filed, YouTube has became the world's largest video-sharing web site and also a partner to major media companies, including Viacom.

The futures of companies like Viacom are increasingly intertwined with technology giants like Google, which the two parties acknowledged.

"This settlement reflects the growing collaborative dialogue between our two companies on important opportunities, and we look forward to working more closely together," the statement said.