MP3.com announced on Friday (6/9) that it had reached settlements with Warner Music Group (WMG) and BMG Entertainment in the copyright-infringement lawsuits both record labels had filed against MP3.com earlier this year.

In addition to settling the suits, MP3.com has forged licensing agreements with both WMG and BMG that will allow MP3.com to feature recordings controlled by both labels on My.MP3.com. My.MP3.com allows listeners to store and playback music they have ostensibly already purchased.

Details of the settlement amounts were not made public.

"This settlement ends an unfortunate period in our history with MP3.com," said Paul Vidich, WMG's executive vice president of strategic planning and business development. "We are pleased that, having entered into a license agreement, MP3.com can now move forward and offer Warner Music Group's recordings on its popular My.MP3.com system."

"BMG vigorously enforces its copyrights," added Kevin Conroy, BMG's chief marketing officer and president of new technology. "At the same time, we believe the best enforcement is the creation of legitimate alternatives for consumers. [W]e are interested in working with responsible Internet companies that help us create new avenues for music fans to access their favorite music in a way that protects our artists' rights."

In January, the Recording Industry Association of America (RIAA) filed a copyright-infringement lawsuit against MP3.com on behalf of major record labels including WMG and BMG. In April, a judge decided that MP3.com could be held liable for violating copyright laws that protected music owned by the labels.

"The court ruling on April 28th and every subsequent settlement represents a victory for the creative community and the legitimate marketplace," said Hilary B. Rosen, president and CEO of the RIAA. "Music on the internet will flourish if everyone works together."

In the wake of Friday's settlement announcements, MP3.com's stock finished trading at $19.1875 per share, up from Thursday's (6/8) closing price of $17.25--an increase of 11.23 percent.

Last month, MP3.com forged an agreement with the performing-rights organization Broadcast Music Inc. (BMI) that will allow BMI's songwriters and publishers to collect royalties on songs that are broadcast on MP3.com's website.