NEW YORK, NY--(Marketwired - October 05, 2016) - SESAC Performing Rights (SESAC) and the Television Music License Committee (TVMLC) today announced that they have reached an agreement in principle regarding the terms of the music performance rights licenses to be paid by local commercial television stations in the United States to SESAC for the period of January 2016 through December 2019. A term sheet has been signed and the parties are working together to complete definitive agreements.
"We are gratified to have reached a negotiated agreement with the TVMLC that will allow both parties to avoid the time and additional costs associated with an arbitration, and which will allow SESAC to continue to focus on providing the best service possible for our affiliated writers, composers and publishers," said John Josephson, SESAC's Chairman/CEO.
"We are pleased that SESAC and the Committee have been able to negotiate terms for industrywide blanket and per program licenses for the first time in a decade," said Charles Sennet, TVMLC Chairman. "We have avoided the costs and uncertainties of an arbitration, and look forward to continuing a productive relationship with SESAC in the years to come."
About SESAC Holdings, Inc.:
SESAC Holdings is the only U.S.-based Music Rights Organization that administers public performance, mechanical, synchronization and other rights. SESAC Holdings is unique in its ability to offer singular licenses for the works of its affiliated writers and publishers that aggregate both performance and mechanical rights in order to drive greater efficiency in licensing for music users, as well as enhanced value for music creators and publishers. Its businesses operate on a sophisticated information technology and data platform to provide timely, efficient royalty collection and distribution. SESAC Holdings' subsidiaries are some of the most well-known companies in music licensing and administration. SESAC Performing Rights is the second oldest and most progressive performing rights organization in the U.S. SESAC Holdings' acquisition of The Harry Fox Agency (HFA) accelerated its transition to a "multi-rights" organization with HFA's deep publisher relations and mechanical licensing history. Following the HFA acquisition, SESAC's Rumblefish subsidiary was merged with HFA's Slingshot business unit under the Rumblefish brand. Rumblefish simplifies business for digital services, publishers, labels, artists and apps. Rumblefish's transparent composition and recording administration, data and royalty management, licensing and network monetization allow clients to focus on their core business. Rights. Simplified. Royalties. Amplified.
SESAC Holdings has offices in New York, Nashville, Los Angeles, Atlanta, Portland, San Francisco, London and Munich.
The Television Music License Committee (www.tvmlc.com) negotiates music performing rights licenses with ASCAP, BMI, and SESAC on behalf of the local commercial television industry and leads efforts to promote a competitive market for music performing rights.