Warner Music Group Corp. agreed to pay $5 million to settle an investigation into allegations of payoffs for radio airplay of its artists, New York State Attorney General Eliot Spitzer said Tuesday.

Warner Music agreed to abandon the “industry-wide” practice of providing radio stations and their employees with financial incentives and promotional items in exchange for airplay for Warner’s recordings, which boosts the chart position of songs and drives sales, Spitzer said in a statement. The attorney general started the investigation into Warner’s practices in 2004.

“I applaud Warner’s decision to halt this conduct, cooperate fully with my office, and adopt new business practices,” said Spitzer.

As part of the settlement, Warner Music, which is based in New York but has operations in Los Angeles, will pay $5 million to be distributed by Rockefeller Philanthropy Advisors to non-profit groups in the state.

The financial benefits provided in exchange for airplay, also known as “payola,” took several forms, Spitzer said: Direct bribes to radio programmers included airfare, electronics, tickets to premier sporting events and concerts. Bribes to stations for operational expenses included radio contest giveaways, including concert tickets, iPods, gift certificates and gift cards.

Federal law and related state laws bar record companies from offering undisclosed financial incentives in exchange for airplay.

Warner Music is the second major recording company to settle with Spitzer. Last summer, Spitzer entered into a similar settlement with Sony BMG Music Entertainment.