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Pandora Locks Up Final Major Label Deal with Warner Music
Earlier this week, Billboard referred to Pandora's press release announcing deals with the vast majority of major recording stakeholders -- minus, notably, Warner Music Group -- as "bizarre." Now it's water under the bridge -- sort of -- as both companies have come to an agreement on licensing terms for Warner Music's catalog.
“Warner has been a tremendous partner to Pandora and we’re thrilled to expand the relationship in a way that truly supports both of our businesses and the artists we serve,” says Pandora CEO Tim Westergren in a statement on the news.
However, one source tells Billboard that Pandora's release earlier this week thrilled few at Warner Music, which used the opportunity as leverage to negotiate a better deal, one aspect of which was improved streaming rates for its artists on Pandora's ad-supported listening tier.
A Pandora executive responded to a request for clarification by saying that "this was a win-win agreement.”