MP3.com Gives Up 5 Percent to UMG
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BetaNews reported yesterday that MP3.com and Universal Music had settled its long court battle over copyright infringements with restitution and stock warrants. Today MP3.com issued Universal warrants for some 3 million common shares, a potential 5% stake in the company, for just $250,000 USD. According to the Reuters report Universal can choose to purchase those shares over the next three years for prices ranging from #3.75 to $5.00 per share.