Warner Music Tanks Ahead of Insider Trading Probe…
Shares of Warner Music Group (WMG) dropped more than 18 percent to $4.96 on Tuesday, a sudden nosedive that appears linked to an insider trading trial in Paris. WMG’s “unusual movement” was far worse than the broader market, and only one stock – Anadarko Petroleum (APC) – fared worse by the bell. The Dow dropped 1.11 percent, and WMG previously [...]
SoundExchange Starts Damage Control: $200 Million Balance Suddenly $39 Million…
After confirming an outstanding balance of $200 million in unpaid royalties to Digital Music News, SoundExchange is now shifting its calculations. In response to growing concern over the large amount of unpaid funds, SoundExchange executive Bryan Calhoun is backing a drastically-reduced, $39 million unpaid figure – yet, he has declined to offer any documentation or direct discussion to Digital Music [...]
Music Attorney Peter Lopez Dead After Suicide…
Talented music industry attorney Peter Lopez has now died, the result of a suicide. The death happened in Encino, CA on Friday, and quickly started circulating around the industry. Reasons behind the suicide remain completely unclear, though the Los Angeles coroner’s office subsequently confirmed self-inflicted gunshot wounds.
Irish High Court OKs ‘Three-Strikes’ Protocol on File-Sharing
Ireland’s High Court has approved a settlement that will see Internet service provider Eircom sever the connections of subscribers who fail to heed repeated warnings to stop illegal file-sharing. The court disagreed that handing over the identities of suspected file-swappers to copyright holders by Eircom runs afoul of the country’s privacy laws.
But Wait: Outrage on Digital Economy Act Simmering…
Sure, the IFPI, BPI and UK Music love the Digital Economy Bill-turned-Act. But why was this rushed through the legislature? That is a question being asked by thousands of unhappy protesters concerned that a broader level of debate was needed.
As ISPs Celebrate, What Say the Music Consortia?
A pro-Comcast, District Court ruling this week dropped a bomb on net neutrality, and the music industry is still sorting its next steps out. The indie-focused, pro-neutrality A2IM discussed the matter at a board meeting Tuesday night, though group president Rich Bengloff declined discussion with Digital Music News at this stage. Similarly, the RIAA had “no reaction at the moment,” [...]
EMI Loses the Case Against Pink Floyd; What Happens Next?
What a wretched week for EMI. The latest bad news comes from London, where Pink Floyd has now won its court case against the label. A High Court judge ruled that EMI indeed violated its artist contract by offering unbundled, a-la-carte songs from the band.