Dallas, Texas 09/03/2013 (Financialstrend) – Sirius XM Radio Inc (NASDAQ:SIRI) today declared that it has appended The Dan Patrick Show, hosted by well known sports critic Dan Patrick, to the weekday assemble of shows on its all-sports chat channel, Mad Dog Sports Radio, SiriusXM channel 86.
Sirius XM Radio Inc sued over underpayment of digital royalty
Sirius XM Radio Inc has been litigated by Sound Exchange Inc for around $50 million because of underpaying on recordings, comprising ones before from 1972. Sound Exchange Inc, a nonprofit company with accountability of amassing digital royalties for music artists in US, lodged the suit in the US District Court of Colombia.
Sound Exchange Inc is a body named by the Copyright Royalty panel to amass and hand out performance royalties set up beneath federal law.
Sirius XM dodged royalty payment
In the claim, it is stated that from 2007 to 2012 Sirius XM “systematically” did not make payment of royalties to Sound Exchange for the legal license that permits the service to broadcast recordings to lakhs of paying users.
Additionaly, it was stated that Sirius XM reported less income by around 10 to 15% than it frequently does to compute the royalties. The move was planned to go with the recital with pre-1972 recordings.
Sound Exchange stated in its filing that the royalty charge to be filed on the gross income will be from 6% during 2007 to 8% during the last year.
“We cannot sit by and look at this multi-billion dollar firm reap record proceeds from the creative inputs of artists and labels without paying them everything they are worthy of,” Sound Exchange CE Michael Huppe stated in a report.
Other charges against Sirius XM
Aside from underpayment of royalties, the company was charged of many other matters such as exclusion from its income calculation of the money it drew from its clientele who subscribe to XM premier package.
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.