I am building a game and would like to reuse a song from the Portal 2 soundtrack.
But while it's free as in free beer, I can find no information on licensing.
What are the licensing terms for reuse of the music?
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Its under copyright and they do not have any posted licensing terms, so unless you have a reason to claim 'fair use' there are no licensing terms.
If you want to license the music and include it in your game, you are going to have to contact valve. http://www.valvesoftware.com/contact/