That's how much Pandora is required to pay to record labels in royalties for pre-1972 recordings. In a settlement between Pandora and several record labels, Universal Music Group, Warner Music Group, Capitol Records and ABKCO Music & Records, has covered themselves through the end of 2016 for pre-1972 royalties.
Pandora isn't the only coughing up back royalties to Labels. 4 months ago Sirius XM had to pay $210 million three months ago to resolve a similar case filed against them for pre-1972 recording royalties.
LA Times has an interesting write up here.