updated 6/27/2007 3:49:58 PM ET 2007-06-27T19:49:58

Blockbuster Inc. said Wednesday it settled all litigation with online movie rental competitor Netflix Inc. Terms of the agreement were not disclosed.

Blockbuster said the settlement will not have a material effect on future financial results. Under the settlement, both companies agreed to dismiss all claims.

In April 2006 Netflix, of Los Gatos, Calif., filed a patent infringement complaint against Blockbuster which alleged the Dallas company infringed two of Netflix' patents. Blockbuster responded with a counterclaim that alleged Netflix violated antitrust laws.

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