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MP3.com to pay out $75M-$100M to recording industry trade group

http://www.cnnfn.com/2000/06/07/bizbuzz/wires/music_wg/


MP3 settlement near

MP3.com to pay out $75M-$100M to recording industry trade group

June 7, 2000: 12:32 p.m. ET

NEW YORK (Reuters) - The five largest record labels are close to a settlement of a copyright infringement suit with MP3.com Inc. that would allow the online music site to include the labels' songs as part of its controversial service, a record label source told Reuters.

The proposed settlement calls for San Diego-based MP3.com (MPPP: Research, Estimates) to pay $75 million to $100 million to the Recording Industry Association of America (RIAA), the trade group representing the labels, in exchange for the right to use the labels' songs as part of the My.MP3.com service.

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