"I couldn't be more pleased with the way the jury came out. They got it exactly right," AEG Live lead defense attorney Marvin S. Putnam said after the verdict was read.
Katherine Jackson told reporters she was OK after the verdict.
A victory could have meant hundreds of millions of dollars in damages for Katherine Jackson and the singer's three children and provided a rebuke of AEG Live, the nation's second-largest concert promoter.
Murray was convicted in 2011 of involuntary manslaughter after giving Jackson the overdose as he prepared for a series of comeback shows.
The case provided the closest look yet at Jackson's drug use and his battles against chronic pain and insomnia. It also took jurors behind the scenes in the rough and tumble world of negotiations with one of the world's most famous entertainers looking to solidify his legendary status after scandal interrupted his career.
Witnesses said he saw the "This Is It" concerts as a chance for personal redemption after being acquitted of child molestation.
But as the opening date of the shows approached, associates testified that he had bouts of insecurity and agonized over his inability to sleep. They said he turned to the drug propofol and found Murray, who was willing to buy it in bulk and administer it to him on a nightly basis even though it is not meant to be used outside operating rooms.
Testimony at the civil trial showed that only Jackson and Murray knew he was taking the drug.
In his closing argument, AEG Live attorney Marvin Putnam told jurors that the company would have pulled the plug on the shows if they knew he was using the anesthetic.
"AEG would have never agreed to finance this tour if they knew Mr. Jackson was playing Russian roulette in his bedroom every night,"