Napster offers $1 billion for peace
Pleading for a temporary stay of the suits that threaten to shut the file-sharing service down, Napster executives have publicly offered the music industry $1 billion over five years for the right to trade copyrighted music. The payments would come from projected subscription fees and other revenues and do not represent damages for past copyright violations.
All four of the major labels had previously turned down offers based on a percentage of Napster revenues. The head of the Recording Industry Association of America maintains her position that Napster needs to "stop trading copyrighted works now."