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Deal Reached on Music Royalties
Record labels and online music companies reached an agreement on how much to pay songwriters and music publishers for some forms of digital distribution.
The deal, which doesn't cover permanent music downloads, establishes a rate of 10.5 percent for the "mechanical royalty," said industry groups, including the Digital Media Association and the Recording Industry Association of America said Tuesday. Payment rates have had to be negotiated separately with each music company.
The agreement, as proposed to the U.S. Copyright Royalty Board, covers interactive streaming of music and restricted downloads.
EARNINGS
Lennar, one of the nation's largest home builders, narrowed its third-quarter loss as it slashed costs to compensate for lower sales. The company reported a loss of $89 million in the period ended Aug. 31, down from a loss of $513.9 million in the corresponding period the year before. Revenue was $1.11 billion, a 53 percent decrease.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
