Talk about interpreting a word ... ‘record’ may soon have a new meaning if Universal Music have their way ‘cos Eminem’s record label Universal has lost an appeal in a long-running battle with his former publishing company FBT Productions.
The ruling, which found that FBT is entitled to 50% of Universal's revenue from Eminem’s download sales, leaves Universal facing a multi-million dollar royalties bill.
FBT Productions signed Eminem in 1995, prior to his rise to fame. When he joined Universal, the deal included a 12% royalty to FBT for “records sold”. As no rate was stated in the contract for downloads, FBT claimed that it was entitled to half of Universal's digital receipts.
An initial hearing back in 2009 ruled in Universals favour, but an appeal by FBT has seen this overturned.
Universal Music has announced its intention to challenge the ruling... Intresting!
Tuesday, September 7, 2010
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*Interesting* you mean.
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