$265 million music royalty deal reached

ShareThis

variety

U.S. music publishers and major labels have finalized an agreement for the distribution of some $265 million in unpaid mechanical royalties.

Pact, which also codifies future procedures, was hammered out in negotiations between the National Music Publishers Assn., the trade org representing more than 800 pubs, and the Recording Industry Assn. of America, representing the four major labels.

NMPA prexy-CEO David Israelite said the org’s board voted unanimously on Tuesday to approve the deal. A definitive memorandum of understanding will be signed, pending final resolution of outstanding issues…..