Warner Music Reaches $110 Million Settlement With Bertelsmann Over Napster
Posted: April 24, 2007
NEW YORK (AP) -- Warner Music Group Corp., parent company of record labels such as Bad Boy, Nonesuch, and Rhino, said Tuesday it reached a $110 million settlement with Bertelsmann related to copyright infringement claims after Bertelsmann invested in Napster.Bertelsmann AG invested in the file-swapping site in 2000. Under the settlement, Bertelsmann admitted no liability.
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Shares of Warner Music were down 2 cents at $16.33 in morning trading on the New York Stock Exchange. The Napster that Bertelsmann invested in is unrelated to the current, legal music service. Shares in that Napster were up a penny at $4.10 on the Nasdaq Stock Market. |
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