Sirius XM to dish out $210M to record labels
{{#rendered}} {{/rendered}}A view of the XM Satellite Radio building after the U.S. Justice Department approved that Sirius Satellite Radio's $4.59 billion purchase of rival XM Satellite Radio would be given antitrust clearance in Washington, March 25, 2008. REUTERS/Larry Downing (UNITED STATES) - RTR1YQJQ
Sirius XM will pay $210 million to settle with several major record labels over the satellite radio company's use of music recorded more than 43 years ago.
The dispute centered on the use of recordings made before early 1972 and owned or controlled by Capitol Records LLC, Sony Music Entertainment, UMG Recordings Inc., Warner Music Group Corp. and ABKCO Music & Records Inc.
The deal lets Sirius use those recordings until the end of 2017 without making an additional payment. The company also can negotiate a licensing deal with each plaintiff to continue using them from 2018 through the end of 2022.
{{#rendered}} {{/rendered}}Sirius announced the settlement Friday in Securities and Exchange Commission filing but said the agreement was reached June 17.
Shares of Sirius XM Holdings Inc., based in New York, climbed a penny to $3.83 Friday afternoon.