In the press release Sky is quoted as saying:
“We are pleased to have reached a settlement after Microsoft agreed not to appeal the trade mark infringement judgment in relation to its SkyDrive service. We will remain vigilant in protecting the Sky brand and will continue to take appropriate action against those companies who seek to use our trade mark without consent.”
To which Microsoft adds:
“We’re glad to have resolution of this naming dispute, and will continue to deliver the great service our hundreds of millions of customers expect, providing the best way to always have your files with you.”
In the UK the Sky name is associated with a satellite broadcast service (generally referred to as "Sky"), which has a number of Sky branded channels (e.g. Sky Sports, Sky Movies, Sky News). Sky is also available in a number of other European markets and the Sky News channel is available internationally.
SkyDrive, which Microsoft first launched in 2007, has become an increasingly important part of Microsoft's platforms. On Windows Phone the cloud storage service is deeply integrated into the platform (e.g. used for storing backups, settings, and auto-uploaded photos) and is also one of the locations for storing Office files. There's also a SkyDrive app for Windows Phone that provides access to additional files and sharing functionality.
SkyDrive is also integrated into Windows 8, and will be further integrated with the release of Windows 8.1, which will see SkyDrive effectively become an equal of local storage.