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Pandora Inks Licensing Agreements With ASCAP And BMI, Withdraws Prior Appeal

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Pandora Inks Licensing Agreements With ASCAP And BMI, Withdraws Prior Appeal
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Shares of Pandora Media Inc (NYSE: P) were trading higher by 1.76 percent at $14.47 Tuesday morning after the company announced it signed a licensing agreement with ASCAP and BMI.

Pandora agreed to two separate multi-year licensing agreements with ASCAP and BMI for their combined music portfolio, which consist of more than 20 million musical works.

See Also: Wall Street's Take On The Pandora Copyright Ruling

Pandora also announced that it will withdraw a May 2015 appeal related to a BMI rate court decision. A federal judge concluded that BMI's royalty was "reasonable, and indeed at the low wend of the range of fees of recent licences" and Pandora should pay BMI a higher royalty rate.

"At Pandora we are delivering on our commitment to ensure that music thrives," said Brian McAndrews, chief executive officer of Pandora. "These collaborative efforts with the leading Performance Rights Organizations, as well as our recent direct deals with several music publishers demonstrate our progress in working together to grow the music ecosystem."

Posted-In: ASCAP BMI Brian McAndrews Pandora Streaming musicNews Legal Tech Best of Benzinga

 

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