Bertelsmann to sell their 50 percent share of Sony BMG to Sony
Yet another sign the music industry is undergoing profound changes, and not everyone will come out on top. Bertelsmann announced on August 5, 2008, that the company will sell their 50 percent share of Sony BMG, the music joint venture of the Germany media empire with the Sony Corporation.
And while it's not Alicia Key's fault (she's one of Sony BMG's artists), Bertelsmann has long contemplated a move out of the music business. After selling their BMG Music Publishing venture two years ago, leaving Sony BMG is the next step.
The anti-trust bodies of several countries have yet to approve the sale, with the price rumored to be around one billion euro. With traditional ways to make money from music eroding, it will be interesting to see which direction Sony BMG, to be renamed Sony Music Entertainment Inc, will take under the lead of the Sony Corporation.
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