Liberal pundit Keith Olbermann and Current TV settled a $50 million lawsuit out of court on Tuesday, according to multiple news reports.
Olbermann sued Current TV for $50 million after the liberal network fired him a year ago. Current TV counter-sued, alleging that Olbermann’s suit was “riddled with falsehoods.”
Olbermann announced his intention to sue over Twitter, and told David Letterman on his late night talk show that choosing to work with Current TV was a huge mistake. He was terminated one year into his five-year $50 million contract, and cited a list of complaints in his lawsuit, including the network broadcasting ads containing his image without permission, refusing to invest in his show, using his name in third-party endorsements, and disclosing terms of his contract to the press.
It also said that “Olbermann was disheartened to discover Al Gore, Joel Hyatt, and the management of Current are no more than dilettantes portraying entertainment industry executives.”
The counter-suit claimed that Olbermann violated his contract by sabotaging the network and attacking it publicly. “He has waged a campaign to breach, undermine, frustrate, and ultimately strip Current completely of the benefit of its bargain,” the counter-suit read.
The tide turned seemingly in Olbermann’s favor this week, with his lawsuit settled out of court for an undisclosed sum. Olbermann is reportedly set to receive “a significant payout from Current.”
Current TV’s founder AL Gore recently sold his network to Al Jazeera for a reported $500 million. They plan to use the networks to launch Al Jazeera America, and has been looking for office space in New York, where the channel will be based.
After being dismissed from MSNBC and Current TV, Olbermann is considering a return to anchoring on ESPN, the network on which he became a famous commentator. Olbermann and ESPN president John Skipper reportedly had dinner recently, though Skipper said that there wasn’t an opening for Olbermann at the time. “When somebody leaves, somebody else fills their place,” he said.
Are you a fan of Keith Olbermann? Here’s a video of him explaining his dismissal from Current TV on Letterman: