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Kazaa to pay music industry $100 mln

     
11:22 am on Jul 27, 2006 (gmt 0)

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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.

Kazaa to pay music industry $100 mln [today.reuters.co.uk]

Ouch!

11:29 am on July 27, 2006 (gmt 0)

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I wonder how much the whole procedure cost them...
9:39 pm on July 29, 2006 (gmt 0)

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I bet the artists won't see a penny.
10:52 pm on July 29, 2006 (gmt 0)

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What a waste of $100 million.
12:47 am on July 30, 2006 (gmt 0)

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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!.