Sony to buy Bertelsmann’s Sony BMG stake for $900M
Sony and Bertelsmann AG today announced that Sony has agreed to acquire Bertelsmann’s 50% stake in Sony BMG. The music company, to be called Sony Music Entertainment Inc. (SMEI), will become a wholly owned subsidiary of Sony Corporation of America. Sony and Bertelsmann AG originally created the Sony BMG joint venture in August 2004. Once the transaction is completed, SMEI will be comprised of premier music labels such as: Arista Records, Columbia Records, Epic Records, J Records, Jive Records, RCA Records, and Zomba. Key recording artists will include Celine Dion, Alicia Keys, Yo-Yo Ma, Bruce Springsteen, Justin Timberlake, Usher and Jay Chou.
Sony Corporation is a leading manufacturer of audio, video, game, communications, key device and information technology products for the consumer and professional markets. Bertelsmann is an international media company encompassing television (RTL Group), book publishing (Random House), magazine publishing (Gruner + Jahr), music (BMG), media services (Arvato), and media clubs (Direct Group) in more than 50 countries.