It’s not the big news that XM (NSDQ: XMSR) shareholders have been waiting for, but the company says it has come to an agreement with Universal Music Group over the Pioneer Inno, a receiver that can also record songs. Early last year, XM was slapped with an RIAA lawsuit, as the organization demanded XM pay extra licensing fees to distribute the device. Sirius (NSDQ: SIRI) had avoided the RIAA’s wrath by preemptively cutting the labels in. XM held its ground initially, insisting that the device should be treated no differently than a VCR. The announcement gives no details on the agreement, other than to say that it covers all receivers with recording functionality. So it’s not clear what UMG is getting in return for dropping out of the case. The other labels are still pursuing the suit, although XM says it’s looking forward to continuing discussions with other industry partners, and Reuters reports that a deal with Warner Music is imminent. Release.
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