16
Dec
Germany’s Bertelsmann AG and Sony of Japan on Friday finalized terms of an agreement to merge their music businesses, as the industry confronts competition from DVDs and video games and the threat of Internet file-swapping.
The 50-50 joint venture, first announced in November, would be the world’s second-largest record label, combining the recorded music units of Bertelsmann’s BMG and Sony Music, but excluding music publishing and CD production.
The deal depends on regulatory approval in the United States and Europe. [more @ www.reuters.com]
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