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Just four months ago, media monitoring service Meltwater said it was considering its options after its defence was rejected in a copyright lawsuit levied at it by the Associated Press.

The dispute related to a service offered by Meltwater to its clients which enabled them to search online content and be sent links to relevant results as well as an "excerpt" of the story, which, according to Meltwater, consisted of the opening line of the article.

As Meltwater itself reported at the time, the March ruling found that this "was not protected by the fair use doctrine under US copyright law". At the time, Meltwater said it "was surprised by the ruling", and was to consider its next step.

But in a press release issued today, the companies have now confirmed they are to "cease all litigation in pending disputes" and have instead "entered into an agreement to develop new and innovative products" together.

No more detail was available on the products, although the statement added that they would be "based on AP’s world class content and Meltwater’s deep technical expertise in online media analytics".

"The companies will seek to create new revenue opportunities for both parties through the sale of new products through Meltwater’s extensive global sales network," the release said.

Chief executive of Meltwater Jorn Lyseggen said in the release the company is "eager to forge a strong relationship with AP", adding that "content providers and technology innovators need to come together".

Chief executive for AP Gary Pruitt added that the news agency is also "pleased with this outcome". "The litigation is behind us, and we are looking forward to partnering with Meltwater in a positive and constructive relationship going forward."

The release adds that "with this agreement, the parties have resolved all pending disputes resulting from the AP lawsuit filed against Meltwater in February 2012, claiming copyright infringement, including all appeals".

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