Earlier, Universal Music had declared that it was going to offer music without content protecting DRM on it. Universal is listed on Activated Content's website as a known partner. The CEO of Activated Content refused to comment on whether or not these DRM-free music offerings were going to have audio watermarks placed on them or not.
Additionally, although Activated Content has their own watermarking technology, it was announced that they have signed an agreement with Microsoft's research division, who is currently in charge of the development of DRM techniques and standards.
Source:
PCWorld