Pandora media Inc (NYSE) shares fell down to $7.95
Pandora media Inc (NYSE) shares fell down to $7.95 from $8.27 with a loss of 1.55 percent on early morning today. Pandora lost $25.6 million in the first 6 months this year as compared to $8.57 million during the same time period last year.
Pandora media Inc (NYSE) the world’s largest online radio service provider has filed a lawsuit against the American Society of Composers, Author and Publishers (ASCAP). Pandora accused ASCAP of issuing a license to iHeartRadio that it was denied for. Its Pandora’s pure effort to receive a lower licensing fee for their music.
Earlier this year, a negotiation took place between the ASCAP and a committee representing several media broadcasters over Radio Music Licensing issues .The committee represented reps both from Pandora and Clear Channel ( iHeartRadio).
The District Court in Newyork has the sole authority to set a rate that they believe is fair enough for all. Pandora and ASCAP have been negotiating over the issue , however ,with no fruitful results so far.