NEW YORK (TheStreet) -- Shares of Pandora Media (P), an Internet radio company based in Oakland, Calif., jumped by 5.5% Monday, closing at $20.79, after the firm received good news in an ongoing fight over royalties.
The company said it "was pleased that the U.S. Copyright Office agreed that the company's pact with Merlin Network, a global rights agency for independent musicians, was admissible as a benchmark in royalty proceedings," according to a Reuters report.
"A three-judge panel called the Copyright Royalty Board has been working on setting royalties for Internet radio and is due to come to a decision in mid-December," the news service said. "Internet radio has urged a lower rate as it struggles to be profitable."
Pandora spokesman Dave Grimaldi said: "We look forward to the certainty that December's decision will bring, and are prepared to thrive in a number of potential outcomes. Our investments in the business are providing real return, including almost $1.5 billion in royalties to date.
"We are excited about the future of ad-supported music streaming and the benefits it brings to consumers and music makers alike," Grimaldi said in a release.
Pandora, founded in 2000, is the nation's largest Internet radio company with 250 million registered users and about 80 million active users, according to the company.
It is facing increased competition from companies including Apple (AAPL), which released its own streaming music service earlier this year.