Bertelsmann Music ties up with Sony

German media giant Bertelsmann is merging its music business with Japan's Sony in a new joint venture.

    The two are among the world's top five music companies

    Bertelsmann said in a statement on Thursday that its Bertelsmann Music Group (BMG) division and Sony Music would be 50-50 partners in the new venture, dubbed Sony BMG.

    The statement said the two companies had signed a "non-binding letter of intent" to that effect.

    The New York Times newspaper reporter earlier that a final deal on the merger could probably take months to complete while the companies sought approval from regulators.

    Sony Music, the world's second biggest music company, and BMG, ranked number five, have been trying to negotiate a deal since September.

    Together with other giants in the trade like Universal Music, Warner Music and EMI, Sony and Bertelsmann account for around 75% of the global music market.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Venezuela in default: What next?

    Venezuela in default: What next?

    As the oil-rich country fails to pay its debt, we examine what happens next and what it means for its people.

    The Muslims of South Korea

    The Muslims of South Korea

    The number of Muslims in South Korea is estimated to be around 100,000, including foreigners.

    What is Mohammed bin Salman's next move?

    What is Mohammed bin Salman's next move?

    There are reports Saudi Arabia is demanding money from the senior officials it recently arrested.