MP3.com (Nasdaq: MPPP) gained 3 1/4 to close at 13 5/8 Monday after the company said it reached a licensing agreement with Broadcast Music, Inc., which represents more than 140,000 U.S. songwriters and composers as well as 60,000-plus U.S. publishers.
The agreement will allow MP3.com to make BMI’s repertoire of more than 4.5 million compositions available on its Web site. The company did not disclose financial terms.
“This is a monumental day for MP3.com, BMI, songwriters, publishers and the Internet as a whole,” said Robin Richards, president of MP3.com.
MP3 shares plunged to a 52-week low last month after a federal judge found that the company, which makes music available on its Web site free of charge, infringed on the copyrights of major record companies.