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Nearly a year after Current TV and Keith Olbermann filed lawsuits against each other over how Olbermann was ultimately ousted from the cable channel, the two have reportedly reached a huge settlement.
Sources for Deadline and The Hollywood Reporter confirm that Olbermann will be paid $50 million, avoiding a trial in Los Angeles in May. The two sides met in San Francisco on Tuesday and will not officially release financial terms.
The two sides sued each other in April 2012, with Olbermann citing wrongful termination and a long list of other complaints. Current claimed that Olbermann was trying to ‘sabotage’ the network and often failed to show up for work.
Just days before the mediation meeting in San Francisco, Olbermann filed for a summary judgement by April 24.
Current was co-founded by former Vice President Al Gore and Joel Hyatt. In January, they sold the low-rated network to Al Jazeera for $500 million.
Olbermann had hosted Countdown at the network for less than a year after he left MSNBC. Just last week, The New York Times reported that he is interested in going to ESPN, the network where he first gained national attention.