Music-streaming service Grooveshark shut down operations Thursday after it settled a copyright infringement lawsuit with major record labels. Escape Media, the parent company of Grooveshark, surrendered ownership of its website, mobile apps and intellectual property as well as immediately shuttered its service as a part of the settlement, according to the Recording Industry Association of America. The service, launched in 2007, allowed its users to search and stream an unlimited number of songs. But several labels argued Grooveshark did so without seeking the rights to upload the copyright songs. Escape Media faced the threat of paying more than $736 million in damages to Universal Music Group, Sony Music Entertainment and Warner Music Group.