Sony completes acquisition of BMG
Name changed to Sony Music Entertainment
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Company, now a fully owned subsidiary of the Japanese electronics and entertainment giant, will be known as Sony Music Entertainment. It is the second largest music company in the world with a 22.8% marketshare in U.S. album sales.
In a memo to employees, Sony Corp. chairman Howard Stringer wrote "While this will inevitably be a time of transition, it is also a time that holds great promise for us all. I personally look forward to working with all of you as we continue to develop and transform the music company into an even more vibrant and innovative force in the entertainment industry."
The two companies merged music divisions in 2004. Bertelsmann will receive $1.2 billion dollars from the deal, including $300 million of its share of the cash on Sony BMG's balance sheet.
