Liberty Media downgraded to Neutral from Buy at Citigroup Citigroup downgraded Liberty Media (LMCA) citing its lower price target for Sirius XM (SIRI) following Liberty's $3.68 per share takeover offer. Citi lowered its price target for Liberty Media shares to $160 from $190 and its price target for Sirius shares to $4.15 from $5.
Sirius XM to appeal Turtles lawsuit decision over songs recorded pre-1972 Sirius XM plans to appeal a federal-court decision that found the company had violated California copyright law by broadcasting songs recorded before 1972, specifically songs by the 60s rock band The Turtles, without the permission of the band. CFO David Frear said at the Deutsche Bank Leveraged Finance Conference, "We intend to appeal this decision all the way through the appeal process."
Judge rules Sirius XM infringed copyrights by playing songs recorded pre-1972 In a $100M royalty lawsuit between the rock band The Turtles and Sirius XM (SIRI), a California federal judge ruled that Sirius XM infringed copyrights and violated California state laws by broadcasting songs recorded before 1972 without paying royalties for the performance of the recording. Judge Philip Gutierrez ruled that the music industry can claim additional copyright in broadcasted songs that were recorded before 1972. The ruling can have a far reaching impact on digital radio providers who may have to cough up additional royalty fees for playing songs recorded before 1972. Pandora (P) is also a digital radio provider. Reference Link