Petteri Pyyny
9 Jun 2000 14:14
MP3.com Inc. settled it's copyright violation claims by two of the five big recording companies and agreed to license their songs for its online services.
Terms of the agreement with Warner Music Group (company of Time Warner) and BMG Entertainment (company of Bertelsmann) were not disclosed, but experts estimate that company had to pay $20 million to each company.
Sony, EMI and UMG are still negotiating with MP3.com. The law suit was filed in January 2000 by RIAA, an organization representing these five labels in U.S.
MP3.com's shares rose appx. 11% today to 19 3/16 on Nasdaq.