(Reuters) - Microsoft Corp. and AOL Time Warner Inc. said on Thursday they had agreed to settle the media company's antitrust lawsuit against the software giant. Redmond, Washington-based Microsoft will pay $750 million to AOL Time Warner, the companies said in a statement. The agreement includes a new royalty-free, seven-year license of Microsoft's browsing technology to AOL, and the companies said they will jointly develop and support steps for deploying digital media such as music and video over the Internet.