TOKYO (AFP) — Japan's Sony Corp. said it completed the acquisition
of German media giant Bertelsmann's 50-percent stake in their Sony BMG
joint venture, the world's second largest recorded music company.
The
venture, which is now a wholly owned subsidiary of the Japanese
electronics and entertainment conglomerate, will be renamed Sony Music
Entertainment Inc., Sony said in a statement late Wednesday.
The
two firms joined forces in 2004 to save costs in the face of declining
CD sales and the growing popularity of Internet downloads, but
Bertelsmann announced in August that it was selling its stake to its
Japanese partner.
The music company is one of the industry's "big
four" together with Universal, EMI and Warner Music and has artists
including Alicia Keys, Celine Dion, Justin Timberlake, Usher and Bruce
Springsteen on its roster.
Sony BMG accounts for around a quarter
of global music sales, comprising labels including Arista Records,
Columbia Records and Epic Records.
The German media giant will
receive 1.2 billion dollars from the deal, Sony has said, including 300
million dollars of its share of the cash on Sony BMG's balance sheet.
From : http://afp.google.com/
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