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BREAKING: Pandora in Talks With Music Industry Over Royalties

NEW YORK ( TheStreet) -- I closed my most recent Pandora (P - Get Report) article with the following:

If Pandora wants the best chance of realizing its vision going forward, it needs to ratchet down the rhetoric, drop the motions and lawsuits and sit down at the table with the major labels and representatives for songwriters and composers to rewrite the music industry's rules for the digital age.

Of course that's been a mantra of mine for some time.

And, according to news just out at The Verge, Pandora and the industry players might just be listening:

Pandora, the web's top radio service, has held preliminary discussions with groups representing music artists as well as indie and major labels about ending an increasingly aggressive feud over music royalties, multiple sources familiar with the talks told The Verge.
Formal negotiations are expected to start soon, the sources said. This is the first indication that the parties are interested in amicably resolving the issue of how much to charge web radio services for music. The two sides began waging a public relations war against each other when Pandora went to Capitol Hill with legislation that would lower future music royalties.

Based on recent discussions I have had with Pandora officials and the ongoing public displays of pressure from the music industry, this doesn't surprise me.

I'm scheduled to meet with Paul Williams, the President and Chairman of ASCAP, later this week. If anybody can fill in some gaps and offer an informed opinion along with some vision, it's Williams.

-- Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.

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