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Napster Offers $1 Billion Settlement Deal
Napster, the wildly popular online song-swap service, Tuesday offered to pay $1 billion over five years to the recording industry to end a bitter lawsuit that threatens its survival. Napster officials, outlining a strategy they hope will keep their company alive in the face of a threatened legal injunction, said they were willing to pay $150 million per year in licensing fees to major record companies and $50 million per year in fees to independent labels and artists. “We updated on short notice everyone in the music industry,” Andreas Schmidt, president and chief executive of the e-commerce group at German… Read more »
