Lord McAlpine, who was wrongly implicated in child sex abuse allegations, formally settled his libel actions against the BBC and ITV at London’s High Court on Tuesday.
The former Tory Party treasurer was not at London's High Court to hear their solicitors apologise unreservedly for the damage and distress caused.
His lawyers confirmed that the agreements involved the payment of £185,000 damages by the BBC and £125,000 from ITV, together with very substantial costs.
The news came as the Guardian reported Lord McAlpine's lawyer, Andrew Reid, said around 1,000 Twitter users have apologised for their tweets about the senior Tory.
Sally Bercow is being sued by Lord McAlpine after she sent a tweet which the former Conservative treasurer alleges linked him with false child abuse claims.
McAlpine took action after a BBC Newsnight report led to the peer being mistakenly implicated in a paedophile ring that targeted children at a care home in Wrexham in north Wales.