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Grooveshark will wipe clean all of the record
companies' copyrighted works and hand over ownership of its
website, mobile apps and intellectual property, including
patents and copyrights, the company said.
"Despite best of intentions, we made very serious mistakes. We
failed to secure licenses from rights holders for the vast
amount of music on the service," Grooveshark said.
Grooveshark and its parent Escape Media Group were not
immediately reachable for comment.
A U.S. judge ruled last week that Gainesville, Florida-based
Grooveshark's copyright violations on nearly 5,000 songs were
"willful" and made "in bad faith."
Nine record companies including Arista Music, Sony Music
Entertainment, UMG Recordings, and Warner Bros Records, sued
Escape Media Group for infringement in 2011.
In court papers, they called Grooveshark a "linear descendant"
of Grokster, LimeWire and Napster, all of which had been shut
down because of copyright infringement.
(Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar
Warrier)
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