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Pandora Media shares soar after CRB's decision

By Religare
|

The US Copyright Office has said that the Pandora Media Inc's pact with Merlin Network, a global rights agency for independent musicians, is a benchmark in royalty proceedings.

In a statement to Reuters, Pandora's representatives noted that the company was "pleased" with the government's decision. Pandora's public affairs director, Dave Grimaldi, said: "We look forward to the certainty that December's decision will bring, and are prepared to thrive in a number of potential outcomes. Our investments in the business are providing real return, including almost USD 1.5 billion in royalties to date. We are excited about the future of ad-supported music streaming and the benefits it brings to consumers and music makers alike."

 

In this rate proceeding, the CRB will determine the rates and terms for webcasting under a statutory license for a term of January 1, 2016 to December 31, 2020. The trial portion of "Webcasting IV" ended with closing arguments on July 21st and the CRB is expected to issue a ruling no later than December 16th.

Story first published: Tuesday, September 22, 2015, 23:00 [IST]
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