WASHINGTON DC (Hypebot) – XM Satellite Radio and Warner Music Group today announced that they have resolved the lawsuit brought by WMG over XM's Pioneer Inno, a portable satellite radio with recording features. The companies did not disclose the terms of the deal.
A similar agreement between XM and Universal was announced on December 17. Both agreements are multi-year deals that cover current and future XM radios. Sony BMG and EMI remain parties in the original lawsuit against XM.
COMMENTARY: This deal happened just in time to show up on WMG's balance sheet this quarter. But Wall Street didn't seem to care; pushing the stock down another 3.54% to $6.00 in mid-afternoon trading. Thats a 5% drop from the 52 week high of $24.