Pandora Media Inc Signs Music Catalog License Pact With BMG

Pandora Media Inc P shares ticked up Thursday after it signed a license pact with music publisher and rights management company BMG.

Terms weren't disclosed for the multi-year agreement, which grants Pandora a U.S. license to broadcast the BMI and ASCAP music catalogs of BMG, a unit of German-based Bertelsmann SE & Co.

In January, Pandora signed a similar deal with Universal Music Publishing Group.

The American Society of Composers, Authors and Publishers, or ASCAP, and Broadcast Music Inc., or BMI, both collect royalties on behalf of members and both have been in litigation with Pandora.

Pandora's Chief Executive Brian McAndrews said the latest license "demonstrates that collaboration between the music industry and Pandora creates opportunities and value for publishers and songwriters.”

Separately, Pandora Chief Financial Officer Michael Herring said Thursday the company expects to hit 100 million users "within the next couple of years."

Pandora traded recently up 3.6 percent at $27.04 a share.