Spitzer Announces Music Royalty Deal

From Bloomberg News

New York Atty. Gen. Eliot Spitzer, as expected, announced a settlement with the music industry intended to pay $50 million in back royalties to thousands of performers.

Under the settlement, recorded-music and music-publishing companies will try to distribute unpaid royalties to obscure musicians as well as well-known performers. Spitzer’s office said a two-year investigation found many artists weren’t being paid because record companies had lost contact with them.

About $25 million has been paid, and artists who are owed money will be listed on company websites, Spitzer said.

The participating music companies include Warner Music Group, Sony Corp.'s Sony Music Entertainment, Vivendi Universal’s Universal Music Group, EMI Group and Bertelsmann’s BMG.