Viacom, which lodged a high-profile $1B copyright infringement suit against YouTube in 2007, today announced an out-of-court settlement.

The entertainment combine and Google, YouTube owner since 2006, today issued a one-paragraph joint statement to official wind up the courtroom saga.

It follows: “Google and Viacom today jointly announced the resolution of the Viacom vs. YouTube copyright litigation. This settlement reflects the growing collaborative dialogue between our two companies on important opportunities, and we look forward to working more closely together.”

When Viacom initially filed the suit, CNet considered the case called “the most significant legal challenge over intellectual-property rights to video sharing's No. 1 site.”

The suit alleged “massive intentional copyright infringement” as more than 150K unauthorized Viacom clips were found on YouTube.

It charged YouTube benefitted from the “value of creative content on a massive scale” without a payment or license.

New tracking systems have emerged during the past six years to allow copyright owners to track their output and demand that others either take down the material or negotiate a financial arrangement.