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

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.