In a victory for the Recording Industry Association of America, one of the most popular music streaming services on the Internet will pay $90 million to settle a lawsuit for playing "oldies" without paying royalties.

Pandora Media previously refused to pay royalties for songs produced before 1972 because federal copyright law did not protect sound recordings before then, the Wall Street Journal reported. RIAA sued the company as a result.

The association had previously sued another broadcaster, Sirius XM Radio, for the same reason. Earlier this year Sirius settled for $210 million and agreed to negotiate new contracts with music studios for the rights to play older songs.

After the most recent settlement was announced, Pandora and RIAA issued a joint news release in which both sides painted the decision in the best possible light.

"Pandora is excited to have found resolution with these record labels," company CEO Brian McAndrews said. "Together we share a common objective to grow the music industry and support artists."

"Major settlements with SiriusXM and now Pandora means that an iconic generation of artists and the labels that supported them will be paid for the use of their creative works," RIAA CEO Cary Sherman said. "That is a significant milestone and a big win for the music community."

The Wall Street Journal noted the settlement is about 10 percent of Pandora's annual revenue. It also reported that the company stock took a tumble after the announcement. http://on.wsj.com/1KtA2s1

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