The funds will be distributed to rights owners and artists whose sound recordings were used from 2007-2017.
Sirius XM Radio Inc. last week agreed to pay $150 million to SoundExchange Inc., settling two lawsuits alleging the satellite radio provider underpaid due performance royalties.
According to a filing by parent company Sirius XM Holdings Inc. to the Securities and Exchange Commission on Monday (June 11), Sirius XM entered a deal last Thursday saying it would pay SoundExchange the total in a one-time lump sum on or before July 7, 2018. This resolves all outstanding claims under Sirius XM's statutory license for sound recordings ranging from 2007-2017.
"We are happy to resolve this case with SiriusXM," said SoundExchange president and CEO Michael Huppe in a statement. "The settlement allows us to distribute additional royalties to SoundExchange's artists and rights owners while avoiding additional costly litigation."