It emerged last week that media and technology giants, Time Warner Inc. and IBM have entered into a long-term patent cross-licensing agreement.
Speaking on Thursday with regard to the deal, Chuck Fish, vice president and patent counsel at Time Warner, explained that:
"Time Warner recognizes IBM's record of sustained innovation. A license to IBM's broad portfolio of patents is a valuable asset for Time Warner."
Dan Cerutti, IBM's general manager of software intellectual property, added:
"IBM and Time Warner have rich histories of pioneering innovation in online and networked systems dating back to before the development of the World Wide Web. We are pleased to be able to share our innovations through a patent cross-license."
The financial terms of the deal were not disclosed.
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