Sony Acquires Bertelsmann's 50 Percent Stake In Sony BMG; Drops BMG From Name
This story was written by Matt Kapko.
The second largest record company in the world is now all Sony's. Bertelsmann's 50 percent stake in Sony (NYSE: SNE) BMG has been acquired by Sony Corp. in a purchase that values the entire company at nearly $1.8 billion, according to the WSJ. Under plans originally announced in August, the former joint venture is now being renamed Sony Music Entertainment a wholly owned subsidiary of Sony Corp. of America. Record labels Arista, Columbia, Epic, J, Jive and RCA all fall under the Sony umbrella, which holds contracts with artists such as Celine Dion, Alicia Keys, Bruce Springsteen, Justin Timberlake and Usher. Release.
By Matt Kapko