Time Warner Inc. and IBM (NYSE: IBM) today announced that the companies have entered into a long-term patent cross-license agreement. Financial terms were not disclosed.
Patent cross-licenses support one of the basic reasons for granting patents -- sharing information about new inventions -- and give companies greater freedom to innovate.
According to Chuck Fish, vice president and patent counsel at Time Warner, "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, said, "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."
Time Warner is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.
IBM has earned the most U.S. patents for 14 consecutive years and is the world's largest holder of U.S. patents. The company has a strong global focus on the media and entertainment industry across all of its services and products, serving all the major industry segments -- entertainment, publishing, information providers, media networks and advertising. For more information on IBM, please visit www.ibm.com.