As is becoming the trend among lawsuits regarding online media networks, industry giant Warner Music Group Corp. has decided to drop its suit against imeem and form a strategic partnership with the social media network. In February, NBC Universal dropped its bid to have content removed from YouTube Inc. and instead allied with the online video provider. imeem, which launched in March 2006 and claims to have a user base of 16 million people, will now have WMG's OK to share audio and video content on its free, ad-supported service.

Meanwhile, investors are eyeing WMG's next move after its failed bid to take over U.K. music company EMI Group plc. The EU just cleared a deal for EMI to be sold to private equity shop Terra Firma Capital Partners for £2.4 billion ($4.87 billion), which is pending shareholder approval.
— Baz Hiralal

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