Television Broadcasts Reaches License Deal With Music Group
Television Broadcasts Ltd. (511), operator of Hong Kong’s biggest TV station, said it reached a license deal with a group representing music companies, including Sony Corp. (6758) and EMI Group Ltd., resolving a dispute on copyright fees.
The agreement with the Hong Kong Recording Industry Alliance Ltd. covers the use of music and videos and will run to 2014, Television Broadcasts said in an e-mailed statement today. “The parties are delighted that the long dispute has come to an end,” it said.
Hong Kong Recording Industry Alliance represents Sony, EMI, Universal Music Group, Warner Music Group Corp. (WMG), and BMA Investment Group Ltd., according to the group’s website.
Television Broadcasts fell 0.4 percent to HK$45.40 in Hong Kong trading yesterday and has gained 8 percent this year, outperforming the 20 percent decline in the city’s benchmark Hang Seng Index.
To contact the reporter on this story: Mark Lee in Hong Kong at wlee37@bloomberg.net
To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net
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