James Delahunty
6 Sep 2006 21:07
Bertelsmann, one of the world's preeminent media companies, and Universal Music Group, the world's leading music company have today announced a settlement in the dispute over Napster funding. Back in 2003, UMG sued the German record label for allegedly aiding copyright infringement on a huge scale by funding Napster.
As part of the settlement, UMG will receive $60 million, which includes reimbursement of legal fees and expenses and covers the resolution of the legal claims of Universal's recorded music and music publishing businesses, as well as those of BMG Music Publishing. Bertelsmann admits no liability in making this settlement.
"We are pleased to have reached an agreement with the Universal Music Group on the Napster dispute. We believe the resolution is a fair one to both parties," said Thomas Rabe, Chief Financial Officer of Bertelsmann AG and Head of Bertelsmann Music Group. Bertelsmann had invested around $100 million in Napster.
Source:
Press Release