Peloton admitted in its IPO filing that music licensing is one of its biggest risks.
The National Music Publisher’s Association first sued the online exercise company for copyright infringement in March and requested $150 million in damages, claiming that Peloton used more than 1,000 songs without a proper license in its streamed workouts.
“Since filing this lawsuit we have now discovered more than double the number of songs for which the plaintiffs’ songwriters were never paid by Peloton,” NMPA President and CEO David Israelite said in a statement to Forbes. “The fact that Peloton has gone this long without proper music licenses is astounding.”
The new claims come as Peloton gears up for its initial public offering. Last week it set a target share price of $26 to $29, and revealed it wants to raise more than $1 billion by selling at least 40 million shares.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
GM tumbles on first union strike in 12 years, which could cost it $50 million a day'The longer it lasts, the more it will be felt in GM's earnings profile,' Credit Suisse analyst Dan Levy wrote in a client note.
Consulte Mais informação »
Millennials aren't buying baby boomers' sprawling ranches. In Montana and Arizona, 2 luxury ranches for sale as a $50 million package deal have been sitting on the market for over a year — take a look inside.Millennials aren't buying baby boomers' ranches. In Montana and Arizona, 2 luxury ranches have been sitting on the market for over a year — take a look inside the $50 million package
Consulte Mais informação »
Music Publishers Double Claims Against Peloton To $300 Million For Using Taylor Swift, Adele SongsMusic publishers are continuing to fight Peloton over how it uses music in its workout classes.
Consulte Mais informação »
Buzzy exercise startup Peloton is being sued for $300 million over accusations it stole songs by Taylor Swift, The Beatles, and many moreIn March the National Music Publishers' Association filed a suit alleging exercise bike startup Peloton used over 1,000 songs without a license.
Consulte Mais informação »
Andrew Yang’s campaign says over 450,000 people have entered debate contestAndrew Yang's $120,000 'Freedom Dividend Pilot Program' raffle has drawn skepticism from campaign finance experts, but the Federal Election Commission is unlikely to stop him
Consulte Mais informação »