BMI And RMLC Agree On A Interim Fee
June 29, 2010 at 7:16 AM (PT)
The RADIO MUSIC LICENSE COMMITTEE and BMI have reached an interim fee agreement in the radio industry's rate making proceeding which began earlier this year.
The interim fee agreement takes effect AUGUST 1st, and calls for an industry fee reduction from $217 million to $192 million. This follows BMI's voluntarily agreeing to provisionally lower fees paid by the industry from $233 million to $217 million as of JANUARY 1st, 2010.
The parties agreed to these terms in order to expedite court determination of an appropriate final fee retroactive to JANUARY 1st, 2010. The agreement was reached by the parties without prejudice as to final fee consideration.