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In The Know: SoStereo's Weekly Music News Summary May 25, 2018

SoStereo's music news round-up with Spotify settling a lawsuit, Sony making a big acquisition and another major publication shuts down.
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Interview Magazine Shuts Down:

Interview Magazine, the pop culture, entertainment and arts magazine founded by Andy Warhol in 1969, folded this week. The staff was reportedly told during an all-hands on deck meeting Monday morning as the magazine filed for Chapter 7 bankruptcy. It was a benchmark for culture notably in the 1980s, with its covers becoming talking points among the arts and entertainment communities. Its financial struggles have been public for years, as it faced lawsuits from former employees and landlords who alleged that the company owed them money. Now it seems as though many of their former employees are owed money. That is a very common story for those in media.

Read more here.

Spotify Wins Approval of $112.5 Million Deal To Settle Copyright Class Action Suit:

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Spotify has been sued quite a bit recently over alleged unpaid royalties to artists. About three years ago, they were hit by a pair of class action suits -- one led by David Lowery and the other by Melissa Ferrick, which alleged the company hadn’t taken the proper measures to pay them for compulsory licenses on song compositions. Once the cases were consolidated, the eventual number came out to $112.5 million with $43.55 million being paid immediately in cash to the class members. There was also a commitment to paying royalties.

Read more about it, how this impacts the Wixen case and others here.

Sony Purchases 60% of EMI Stake Of EMI Music Publishing For Around $2.3 Billion:

Sony is purchasing the 60% stake in that was previously owned by the Mubadala Investment Company for around $2.3 billion. The purchase puts the value of EMI Music Publishing at $4.75 billion. Pending certain closing conditions and regulatory approval, Sony would have a 90% stake in EMI Music Publishing. The Michael Jackson estate owns the other 10%. EMI Music Publishing owns the rights to over 2.3 million songs including works by Kanye West, The Beatles, Sia, Pharrell, Calvin Harris, Drake, Carole King, Sam Smith and more.

See how SoStereo can help you with music licensing.

See past In The Know's here.

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