The music industry has reached a legal settlement with its long-time antagonist Kazaa, one of the world's best known file-sharing networks and a long-time source of illicit music and movie downloads.
Under terms of the deal, Kazaa's owner Sharman Networks will pay the world's four major music companies -- Universal Music, Sony BMG, EMI and Warner Music -- more than $100 million (53.7 million pounds) and commit to immediately going legit, the music industry trade group International Federation of the Phonographic Industry said.
"There are very substantial damages being paid -- in excess of $100 million -- and Kazaa will go legal immediately. They've had time to prepare for this," said IFPI Chairman and Chief Executive John Kennedy.
I read a major part of the settlement is paid by previous kazaa owners Niklas Zennstrom and Janus Friis rather than current owners Sharman Networks.
Considering they are planning for a new p2p video/TV startup, its understandable why they want to end the legal nightmare (which also stops them from travelling to US) and make truce with the media execs!.