Sony, Incubus Reach Settlement

Modern rock act Incubus and its label, Sony Music Entertainment, have reached a settlement in a series of lawsuits over the band's contract. In a statement, the parties said only that they "have amica

Modern rock act Incubus and its label, Sony Music Entertainment, have reached a settlement in a series of lawsuits over the band's contract. In a statement, the parties said only that they "have amicably resolved their differences, and will continue with their highly successful relationship."

A band spokesperson could not confirm published reports that Sony will pay Incubus in the neighborhood of an $8 million advance for its next album and $2.5 million each for two additional sets. Sony is said to hold an option for a fourth album and will reportedly swallow $3 million in unrecouped promotional costs.

In February, Incubus sued to terminate its original 1996 contract under California's "seven-year statute," which forbids entertainers from being bound to a single company for more than seven years. Sony countersued, claiming Incubus owed the label four more albums.

As reported last week, Incubus has parted company with founding bassist Dirk Lance and replaced him with former Roots bassist Ben Kenney. The group will play on the mainstage of this year's Lollapalooza festival, which kicks off July 3 in Grand Rapids, Mich., and is working on material for its next studio album.