Shares of Pandora Media Inc. soared more than 6% Monday after a positive ruling from the Copyright Office on royalty rates. “We are pleased that the Copyright Office affirmed the admissibility of Pandora’s agreement with Merlin as a valid benchmark in the Copyright Royalty Board proceedings,” said Dave Grimaldi, Pandora spokesman. This sets the stage for a potentially positive ruling, expected mid-December, that will determine the rates and terms for webcasting under a statutory license for a five-year term starting on Jan. 1. Pandora partnered with Merlin, which represents independent record labels, in 2014, allowing it for the first time to negotiate rates directly with record labels.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News