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twitterMerger shakes music industry
Thursday, Nov. 6, 2003 | 9:42 a.m.
FRANKFURT, Germany -- Bertelsmann AG and Sony Corp. plan to merge their music businesses, Bertelsmann announced today.
A merger of Sony Music Entertainment and Bertelsmann's BMG would bring together the world's No. 2 and No. 5 music companies as the industry struggles with losses blamed on music piracy. The world's No. 1 music company currently is Universal Music Group, a part of Vivendi Universal SA.
The new company, to be called Sony BMG, will be owned equally by Bertelsmann and Sony.
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