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Wednesday, March 7, 2001

MP3.COM SHARES DROP 14%

by

Marc Pollack

In Real World Numbers, That’s Nearly
Two Jumbo Gumballs
Reflecting the current legal turns in the distribution of music online, shares in netco MP3.com fell 14% Tuesday (3/6), predominantly in response to the courts' anti-Napster decision.

The downfall also coincides with U.S. District Judge Jed Rakoff's summary judgment Tuesday against MP3.com in a copyright suit brought by independent label TVT (hitsdailydouble.com, 3/6).

Rakoff ruled Tuesday that MP3.com infringed upon copyrights owned by TVT's Tee Vee Toons by making unauthorized copies of Tee Vee songs for distribution on its My.MP3.com service.

MP3.com argued that Tee Vee, unlike the major record labels, offered free downloads of its music on its website and thus wasn't harmed by MP3.com's service.

At the close of Nasdaq trading Tuesday, shares of MP3.com fell 47 cents, or 14%, to $2.88.

TAGS: Marc Pollack
 
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