David McDavid accused the company of cheating him out of buying the pro basketball and hockey teams and Philips Arena's operating rights in 2003. A jury granted him the award in December 2008 and Georgia courts have twice upheld it.
Turner spokeswoman Misty Skedgell said "in the interest of bringing this seven-year-long matter to a conclusion, we have chosen to resolve it through a settlement."
She would not say whether the Atlanta-based company agreed to pay the full amount.
The decision does not affect the teams' ownership. The eight-man Atlanta Spirit group bought the teams and the arena's rights in 2003.