US collection society SESAC has paid the Radio Music License Committee (RMLC) $3.5m to settle the antitrust lawsuit which dates back to October 2013. SESAC, which earlier this month acquired US mechanical rights society Harry Fox, says the payment to the commercial radio group includes no damages and simply reimburses RMLC’s legal expenses. The CMO said to the media that “the amount of reimbursed legal expenses is less than the cost SESAC would incur were it to litigate the case to conclusion”. Importantly, RLMC has agreed that SESAC is entitled to be compensated for the full value of works in its repertory, even if SESAC affiliates own less than 100% of the copyright interest. John Josephson, Chairman and CEO, SESAC, Inc., said “With this settlement, we’ve secured commercial arbitration for the next 22 years as the basis for setting SESAC’s license fees for commercial radio stations represented by the RMLC.More on Music Business Worldwide.
Showing posts with label SESAC. Show all posts
Showing posts with label SESAC. Show all posts
Monday, 27 July 2015
SESAC settles dispute with radio broadcasters
US collection society SESAC has paid the Radio Music License Committee (RMLC) $3.5m to settle the antitrust lawsuit which dates back to October 2013. SESAC, which earlier this month acquired US mechanical rights society Harry Fox, says the payment to the commercial radio group includes no damages and simply reimburses RMLC’s legal expenses. The CMO said to the media that “the amount of reimbursed legal expenses is less than the cost SESAC would incur were it to litigate the case to conclusion”. Importantly, RLMC has agreed that SESAC is entitled to be compensated for the full value of works in its repertory, even if SESAC affiliates own less than 100% of the copyright interest. John Josephson, Chairman and CEO, SESAC, Inc., said “With this settlement, we’ve secured commercial arbitration for the next 22 years as the basis for setting SESAC’s license fees for commercial radio stations represented by the RMLC.More on Music Business Worldwide.
Wednesday, 9 January 2013
SESAC sold, Sony and Syco profits up
Investment firm Rizvi Traverse Management, which has various existing interests in the entertainment industry (including co-ownership of the Playboy empire), has acquired a 75% majority stake in the smaller of the American publishing rights collecting organisations, SESAC, which (unlike ASCAP and BMI) is a commercial entity rather than a not-for-profit organisation.
Sony Music have filed accounts in the UK which show that in the financial year that ended during 2012, Sony's UK record company saw revenues fall 2.4% year-on-year to £191 million, but pre-tax profits nevertheless grew 128%, from £6.6 million to £15.2 million. In the
financial year ended 31 Mar 2012, Simon Cowell's Syco Entertainment (in which Sony has a 50% stake) saw turnover nearly double, shifting from £28.1 million to £54.7 million, with profits up from £3.2 million to £22.9 million. Much of the boost came from the growth of Syco's US interests, in particular the launch of 'X-Factor' in America, with US operations now accounting for nearly 42% of total turnover.
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