Sirius XM Holdings Inc. unit Sirius XM Radio Inc. will pay $150 million to settle a legal dispute with SoundExchange Inc. for digital royalties, according to a Form 8-K filed June 11.
In 2013, SoundExchange filed a lawsuit alleging that Sirius XM Radio underpaid digital royalties to the nonprofit performance rights organization from 2007 to 2012. SoundExchange collects and distributes sound recording royalties pursuant to a statutory license.
Sirius XM will make the one-time payment on or before July 7, according to the SEC filing.
