XM, EMI settle portable radio lawsuit

NEW YORK (Reuters) - XM Satellite Radio Holdings Inc and EMI Music said on Tuesday they have resolved a lawsuit brought by EMI against XM over its Pioneer Inno, a portable satellite radio with advanced recording features.

The companies did not disclose terms of the agreement.

Privately held EMI Music, the world's fourth largest recorded music company, has withdrawn as a party to the complaint filed by major record companies against XM in May 2006.

In December 2007 major record companies Universal Music Group, owned by Vivendi, and Warner Music Group Corp and in February 2008 Sony BMG Music Entertainment reached similar agreements with XM. Sony BMG is a joint venture of Sony Corp and Bertelsmann AG.

(Reporting by Yinka Adegoke, editing by Gerald E. McCormick)