The American Federation of Musicians (AFM) of the United States and ‌Canada has sued Warner Music Group (WMG) and Universal Music Group (UMG) in the US District Court for the Southern District of New York for "Breach of a Labor Contract" due to their failure to compensate musicians taking part in recordings that have been part of a settlement with, and licensed to AI companies such as Udio and Suno. "The AFM brings this lawsuit because Defendants, two of the largest music companies in the world,...

Creators from across the globe have adopted a declaration putting the protection of human creativity at the heart of artificial intelligence policies. The declaration, known as The Paris Commitment, was unveiled in Paris on June 4 during the centenary General Assembly of the International Confederation of Societies of Authors and Composers (CISAC). The declaration states: “At a time when rapid advancements in artificial intelligence risk undermining the value of creative work, we affirm a shared...

Bill Ackman's Pershing Square has decided to sell the 4.7% stake it owns in Universal Music Group, for a value of $1.64 billion, following failure to close a €56bn deal to acquire the world's largest music company. Bank of America was tasked with placing Pershing's 80.6 million shares for as much as €18.62 each. Overall, Pershing should net $600m in profits from the transaction according to estimates from The Wall Street Journal. Pershing's unsolicited acquisition offer was rejected by the Boar...