UPDATE: Keith Olbermann & Current TV Confirm Settlement In $50M Lawsuit

UPDATE, 4:54PM: A day after a deal was reach in Keith Olbermann’s $50 million lawsuit against Current TV, the former TV host and his former employer have issued a short joint statement officially confirming the settlement:

“The parties are pleased to announce that a settlement has occurred, and that the terms are confidential. Nothing more will be disclosed regarding the settlement.”

PREVIOUSLY, TUESDAY PM: Looks like Bay Area mediation worked where LA litigation could not for Keith Olbermann in his $50 million lawsuit against Current TV. A daylong session in San Francisco at the offices of Antonio Piazza of Mediation Negotiations has led to a settlement between the parties. While specifics of the agreement are confidential, a source tells Deadline that Olbermann is set to receive a significant payout from Current. The former ESPN and MSNBC anchor’s deal also means it won’t impact the Al Gore co-founded Current’s recent $500 million sale to Al Jazeera. Late last week, in heavily redacted court documents filed under seal in LA Superior Court, the former Countdown frontman requested an April 24 hearing for a summary judgment to rule in his favor over Current.

Olbermann sued his former employer for breach of contact and other claims on April 5, 2012 for the full multimillion-dollar sum of his five-year contract, this after Current fired Olbermann that March after less than a year at the network. On April 6, Current filed a cross complaint claiming it had “every right to terminate Mr. Olbermann’s services.” Both parties are expected to file documents relatively soon to dismiss the case.

Olbermann is represented by Patricia Glaser, G. Jill Basinger, Garland Kelley of LA firm Glaser Weil Fink Jacobs Howard Avchen & Shapiro.