SiriusXM pays $150m to avoid lawsuits
June 12, 2018
By Chris Forrester
Pay-radio operator SiriusXM says it is paying $150 million (€127m) to settle all outstanding claims over unpaid music royalties.
The payment will see all litigation, and in particular an action that started in 2013, over disputed music royalties end. The cash will be paid over to SoundExchange, which initiated the action, and at the time claimed $100 million in unpaid royalties.
While the sum appears large it works out at just $15 million per year given the 10-year dispute (2007-2017).
The payment will be stated as a ‘one time charge’ in the broadcaster’s next quarterly statement.
SoundExchange will use the funds to pay royalties to its rightsholders.
Liberty Media controls 71 per cent of SiriusXM.