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

    From the US to Afghanistan: Rediscovering the mother who left me

    From the US to Afghanistan: Rediscovering the mother who left me

    Tracee Herbaugh's mother, Sharon, abandoned her when she was born, pursuing a career from which she never returned.

    Could mega-dams kill the mighty River Nile?

    Could mega-dams kill the mighty River Nile?

    For Ethiopia, a new dam holds the promise of much-needed electricity; for Egypt, the fear of a devastating water crisis.

    The evening death came for me: My journey with PTSD

    The evening death came for me: My journey with PTSD

    On a gorgeous Florida evening, a truck crashed into me. As I lay in intensive care, I learned who had been driving it.