XM Satellite Radio Settling Tech Issues With Music Companies
"You can probably expect a resolution fairly shortly," said Reuters unattributed source.
Reuters also notes that XM Satellite said on Monday it had settled a similar lawsuit filed by Universal Music Group (against XM Satellite's portable "Inno" devices that can record and store music.
Follow along for the text of the XM Satellite Radio announcement about the settlement with Universal Music Group:
As part of the agreement, UMG becomes the first music company to reach a multi-year deal covering all XM radios with advanced recording functionality, including both those currently available as well as future product releases. In addition, UMG will withdraw as a party to the complaint filed by the major record companies against XM in May, 2006.
"We are pleased to have resolved this situation in an amicable manner," stated Doug Morris, Chairman & CEO, Universal Music Group. "We pride ourselves on empowering new technology and expanding consumer choice. And XM is providing a new and exciting opportunity for music lovers around the world to discover and enjoy our content, while at the same time recognizing the intrinsic value of music to their business and the need to respect the rights of content owners."
"Our agreement is a win for everyone involved, especially for consumers," said Nate Davis, President and CEO, XM Satellite Radio. "Today's announcement underscores the fact that XM competes in an audio entertainment market in which consumers have more options than ever. We commend UMG for being the first music company to take this step forward with us and look forward to continuing our discussions with our other partners in the music industry."
I'd bet we see an agreement between XM and Warner Music by the end of this year.
Related Tags: satellite radio, music group, music, satellite, Satellite, Music
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