Singin' the payola blues
Stacks of hundred dollar bills
TEXT OF STORY
SCOTT JAGOW: Some radio station owners have a case of the payola blues. That's what Neil Young once called it.
Clear Channel, CBS Radio, Entercom and Citadel Broadcasting have agreed to pay a record $12.5 million fine to the FCC.
The companies admit no wrongdoing, but they're settling allegations they secretly took wads of cash and gifts from major record labels to play certain songs on the radio.
The companies also agreed to set aside 4,200 hours of airtime for independent musicians over the next three years.
In Los Angeles, I'm Scott Jagow. Thanks for listening. Take it away Mr. Young . . .
[ NEIL YOUNG: Well, here's $3,000,
that ought to get it on.
Well, thanks a lot man!
I love your new song.
No matter where I go
I never hear my record on the radio. . . ]