UMG, XM Settle Pioneer Inno Dispute
December 17, 2007 at 1:29 PM (PT)
The UNIVERSAL MUSIC GROUP (UMG) and XM SATELLITE RADIO have resolved UMG's lawsuit over XM's portable satellite receiver PIONEER INNO. The companies did not disclose terms of the deal.
The settlement enables UMG to be the first label group to reach a multi-year deal covering all XM radios with advanced recording functionality, including both those currently available as well as future product releases. In addition, UMG will withdraw as a party to the complaint filed by the major record companies against XM in MAY, 2006.
"We are pleased to have resolved this situation in an amicable manner," stated UMG Chairman/CEO DOUG MORRIS. "We pride ourselves on empowering new technology and expanding consumer choice. And XM is providing a new and exciting opportunity for music lovers around the world to discover and enjoy our content, while at the same time recognizing the intrinsic value of music to their business and the need to respect the rights of content owners."
"Our agreement is a win for everyone involved, especially for consumers," said XM Pres./CEO NATE DAVIS stated. "Today's announcement underscores the fact that XM competes in an audio entertainment market in which consumers have more options than ever. We commend UMG for being the first music company to take this step forward with us and look forward to continuing our discussions with our other partners in the music industry."