New Music Business Week In Review

>>> Major radio broadcast groups settle FCC payola probe for $12.5 million and promises to indie labels including a new Radio Rules Of Engagement.  A Hypebot commentary doubts that any of this will really matter to indie music.

>>> The financial markets got reports from Universal Music (earnings up 9.3%) and distributor Handleman (profits down). Warner Music Group declared a dividend despite sagging a stock price.

>>> SAVE INTERNET RADIO ! Internet radio is fighting new royalty rates that could put many net broadcasters out of business and is asking the public for support.

>>> EMI rejected a $4.1 billion cash bid from WMG. WMG to do due diligence before offering again.

>>> European indie label trade group IMPALA rejected member requests for details of its controversial plan to support WMG’s bid for EMI.

>>> Universal is experimenting with mp3’s in France.

>>> Caroline grabs Simply Red and label UK Rough Trade for US distribution.

>>> EMI Publishing ups Robert Faxon to CEO.