News

Pandora (NYSE:P) and a coalition of independent and major record companies announced today that they have agreed to a $90 million settlement for Pandora’s use of recordings created before 1972.

Washington D.C./Oakland, California — The confidential settlement is between Pandora and ABKCO Music & Records, Capitol Records, Sony Music Entertainment, UMG Recordings, and Warner Music Group.  The settlement provides a nationwide resolution for Pandora’s use of the plaintiffs’ pre-1972 recordings.

“Pandora is excited to have found resolution with these record labels,” said Brian McAndrews, Chief Executive Officer at Pandora. “Together we share a common objective to grow the music industry and support artists. We pursued this settlement in order to move the conversation forward and continue to foster a better, collaborative relationship with the labels.”

“Major settlements with SiriusXM and now Pandora means that an iconic generation of artists and the labels that supported them will be paid for the use of their creative works,” said Recording Industry Association of America (RIAA) Chairman & CEO Cary Sherman.  “That is a significant milestone and a big win for the music community.  We appreciate the collaborative and constructive approach of Pandora’s team in resolving this longstanding issue for artists and labels.”