NEW YORK – Pandora Media said Monday that there was a positive development related to a case that will decide how much money it and other Internet radio companies will pay in music royalties.
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Shares of Pandora Media soared more than 5 percent Monday afternoon.
The Register of Copyrights ruled on Friday that a past deal Pandora signed with a music rights agency can be considered when judges from the Copyright Royalty Board meet to set royalty rates for Internet radio companies from 2016 to 2020. A decision from the CRB is expected by Dec. 16.
Pandora, based in Oakland, California, has been pushing the CRB to consider its past deal.
"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 Pandora spokesman Dave Grimaldi in a statement. .
Pandora Media Inc. shares rose $1.07, or 5.4 percent, to $20.77 in afternoon trading Monday.