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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Sirius XM Holdings Inc | NASDAQ:SIRI | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.0899 | 2.95% | 3.1399 | 3.01 | 3.40 | 3.14 | 3.07 | 3.08 | 15,355,549 | 05:00:10 |
From May 2019 to May 2024
Sirius XM Holdings Inc. on Friday agreed to pay $210 million to settle a case with major record labels over oldies music the company has aired.
According to a filing with the Securities and Exchange Commission, the settlement resolves all past claims to the satellite-radio broadcaster's use of pre-1972 tunes and enables it to broadcast the music through the end of 2017.
The settlement also gives Sirius the right to enter into license agreements with record companies from 2018 through 2022, where potential royalties would be determined through future negotiations.
The settlement with Capitol Records LLC, Sony Music Entertainment, UMG Recordings Inc., Warner Music Group Corp. and ABKCO Music & Records Inc. covers 80% of the pre-1972 recordings Sirius has used on a few of its 70-plus music channels.
Unsettled is a suit brought last year by the founders of the '60s band the Turtles.
The suits stemmed from the fact that sound recordings weren't brought within the scope of federal copyright protection until 1972, meaning legacy artists have had little explicit protection.
A spokesman for Sirius declined to comment beyond the company's regulatory filing.
Pandora Media Inc. has similarly faced lawsuits brought by the music industry, and from the Turtles, for playing pre-1972 music.
The Recording Industry Association of America called the settlement a "step forward for music creators" and said it hopes "others take note of this important agreement and follow Sirius XM's example."
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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