IHT: “Universal Music Group poised to win royalties war with Bolt.com
“Bolt has agreed to admit that the uploads were a violation of Universal’s copyrights and to pay a settlement valued at several million dollars, said Aaron Cohen, Bolt’s chief executive. Bolt will also agree to pay royalties in the future any time its users submit videos that contain Universal music.
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Bolt is also negotiating similar royalty arrangements with other music labels, including Warner Music Group, Cohen said.
To pay for the settlement, which will combine cash, stock and advertising credits, Bolt has agreed to sell itself to GoFish, a smaller rival, for as much as $30 million in GoFish stock.”