Law360, New York (March 14, 2014, 6:26 PM EDT) -- A federal judge ruled Friday that Internet radio giant Pandora would pay 1.85 percent of its revenue for the next five years for the right to stream songs held by American Society of Composers, Authors and Publishers, or ASCAP.
U.S. District Judge Denise Cote's rate was a bit higher than the 1.7 percent yearly rate that Pandora had requested for the five-year blanket license from 2011 to 2015, but significantly lower than the “escalating” rates ASCAP wanted, which would have gradually reached 3 percent.
ASCAP was currently paying 1.85 percent under an interim arrangement.
The ruling was issued under seal, and...
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