Major media corporations EMI Group PLC and Bertelsmann AG have finally laid their ongoing dispute concerning Napster to rest by agreeing an out-of-court settlement.
EMI, along with a string of high-profile record labels, filed a lawsuit against Bertelsmann back in 2003, following the German company's decision in 2000 to invest in the original Napster after it was crippled by lawsuits seeking to shut down the network. Rival music companies, including EMI, alleged that Bertelsmann's $85 million investment in Napster was the equivalent to copyright infringement.
Bertelsmann pumped $85 million into Napster, but an outright takeover never materialized.
Details of the agreement were not revealed, however, Bertelsmann admits no liability. "We are pleased to have reached this agreement with Bertelsmann," said Eric Nicoli, chief executive of EMI Group. "We can now put this matter behind us and continue to pursue the development of new legitimate digital music business models."
Sources:
Paid Content
Yahoo! News
Bertelsmann pumped $85 million into Napster, but an outright takeover never materialized.
Details of the agreement were not revealed, however, Bertelsmann admits no liability. "We are pleased to have reached this agreement with Bertelsmann," said Eric Nicoli, chief executive of EMI Group. "We can now put this matter behind us and continue to pursue the development of new legitimate digital music business models."
Sources:
Paid Content
Yahoo! News
