Hypebot’s New Music Business Briefing For Friday October 20th, 2006

– Sony BMG, WMG, and Universal have each taken small ownership positions worth a total of $50 million in YouTube alongside Google. (NY Times) Mothership Google’s profits nearly doubled last quarter amazing even the most optimistic analysts. (ZDNet)

– CBS Radio paid $2 million to settle NY payola lawsuit. (LA Times). Up next – the FCC payola probe.

– Visa and Master-card are joining the stampede away from controversial Russian download site allofmp3.com by refusing to accept payments. (AHN) Allofmp3 responds promising a new ad supported model. (TechWeb)

– NBC wimps out saying it won’t show Madonna on the cross during an upcoming special. (AP) And they wonder why they just laid off 700 people…

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