Rochester,NY 6/29/2009 11:42:46 PM
WMG,Music majors sue Irish ISPs over piracy
Warner Music Group Corp
Morning Movers - WMG - Music majors sue Irish ISPs over piracy - Sourced WhisperFromWallStreet.com
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Warner Music Group Corp,WMG
After Hours: 5.92 Down 0.25 (4.05%) 12:06pm ET
The four major music labels have launched lawsuits against two Irish internet service providers, BT Ireland and UPC Ireland, in order to force them to take action against subscribers who illegally download music.
The move comes after Sony BMG, Universal, EMI and Warner Music sued Eircom, Ireland’s largest telecoms operator, in a similar case last year. The case was settled out of court earlier this year, with Eircom promising to implement a “three strikes and out” rule to disconnect persistent illegal downloaders after two warnings.
The music companies had said they would be pursuing other ISPs to get them to implement similar rules, in order to not put Eircom at a disadvantage. Legal proceedings against BT and UPC were issued in the High Court last week.
However, there is no legal requirement under Irish law for ISPs to take action against people who download music illegally, and the two companies may not be inclined to settle as Eircom has.
About
Warner Music Group Corp., a music content company, provides recorded music and music publishing services worldwide. Its Recorded Music segment engages in the discovery and development of artists; and the related marketing, distribution, and licensing of recorded music produced by such artists. It also specializes in marketing its music catalog through compilations and reissuances of previously released music and video titles, as well as in the licensing of recordings to and from third parties for various uses, including film and television soundtracks. This segment markets, sells, and licenses recorded music in various physical formats, such as compact discs, cassettes, LPs, and digital versatile discs (DVDs); and digital, such as downloads and ringtone formats. The company?s Music Publishing segment owns and acquires rights to musical compositions; markets these compositions; and receives royalties or fees for their use. It publishes music across a range of musical styles. This segment owns or controls rights to approximately one million musical compositions, including various pop hits, American standards, folk songs, and motion picture and theatrical compositions. Its music catalog includes approximately 65,000 songwriters and composers; and a range of genres, including pop, rock, jazz, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative, gospel, and other Christian music.
Last Trade: 5.92
Day's Range: 5.68 - 6.26
52wk Range: 1.58 - 9.05
Volume: 213,269
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