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Sirius XM [SIRI] Stock Falls On News Of 40% Royalty Rate Increase
The price of Sirius XM [NASDAQ SIRI] stock fell on Thursday and Friday on news that the US Copyright Royalty Board has raised the rates that the satellite broadcaster must pay for music on its 100+ channels for the next four years by 40%. The stock closed Friday down 5.3% at $5.36. More on the details of the CRB rate change, which many see as a victory for creators and SoundExchange, here.