As Peloton prepares IPO, music publishers seek to double lawsuit to $300 million

NEW YORK - Music publishers have asked a federal judge to let them double their lawsuit against Peloton Interactive Inc to $300 million, saying the maker of stationary bicycles has streamed more than 2,000 workout videos used without permission.

The National Music Publishers’ Association, a trade group, said on Friday that since suing Peloton in March for copyright infringement, publishers have found a trove of additional songs that the New York-based company knowingly and recklessly offered to customers without first getting required licenses.

“Peloton fully understood what the copyright law required, having entered licenses with certain other copyright holders, while trampling the rights of plaintiffs by using their musical works for free and without permission,” the publishers said in a proposed amended complaint filed late on Thursday. The proposed complaint was filed two days after Peloton said it planned to raise up to $1.33 billion in an initial public offering, by offering 46 million shares priced between $26 and $29 each.It told CNBC television its platform could have been developed only through “close collaboration” with major labels and music publishers, among others, and that it would continue defending against the lawsuit and pursuing counterclaims.

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