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News > Technology
MP3, EMI reach truce
July 28, 2000: 8:26 a.m. ET

Agreement leaves only two of five major labels at odds with music Web site
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NEW YORK (CNNfn) - Online music company MP3 Inc. reached a settlement of a copyright dispute with record label EMI Group PLC that will allow its users to play EMI music on its site.

"EMI's Internet strategy is to create innovative, convenient and attractive ways for fans to access their favorite artists' music," said Jay Samit, senior vice president, new media, EMI.  "This settlement ensures that copyright owners and creators are compensated fairly."

graphicThe settlement leaves just two of the five music giants that sued MP3.com for copyright infringement, Sony and Universal, yet to settle. But a source told CNNfn.com Thursday that Universal had begun settlement negotiations with the digital music provider.

Those two labels, EMI, Warner Music Group and Bertelsmann AG's BMG sued MP3 alleging that the company illegally copied songs without permission from the companies via its My.MP3.com Internet service. The service works by allowing visitors to listen on a computer anywhere to music from popular recording artists, after proving to MP3.com that they owned the CD.

Details of Friday's settlement with EMI were not disclosed, nor were the early settlements with BMG and Warner Music Group, a subsidiary of CNNfn parent Time Warner Inc. (TWX: Research, Estimates). But the EMI statement said this agreement assures fair compensation for artists and their labels.

"A business model where artists, copyright holders and record companies can potentially monetize their music digitally and in an accretive manner is finally emerging," said Michael Robertson, chairman and chief executive of MP3.

Shares of MP3 (MPPP: Research, Estimates) edged down 1/16 to 10-5/16 Thursday. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.