Deals
Blackstone Spars With Songwriters, Streamers Over Music Payments
- Private equity group owns companies that may be hurt by bill
- Measure creates industry board that would oversee rights
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Music industry lobbyists, including some backed by the private equity giant Blackstone Group LP, are battling over a bill to overhaul music copyrights and could scuttle a measure that seemed certain to pass weeks ago.
The Music Modernization Act would reform the way streaming services like Spotify pay songwriters. It was poised to clear the U.S. Senate after passing in the House of Representatives in April with bipartisan support and buy-in from often-warring interests in the digital music world, such as Apple Inc. and composers.