Bertelsmann, Sony to Merge Music Cos.
Bertelsmann AG and Sony Corp. announced a preliminary plan to merge their music businesses Thursday, setting the stage for a music company that would vie for world primacy with Universal Music Group. A merger of Sony Music Entertainment and Bertelsmann’s BMG, if it comes to pass, would bring together the world’s No. 2 and No. 5 music companies as the industry struggles with losses blamed on music piracy. The new company, to be called Sony BMG, would be equally owned by Sony and Bertelsmann and run by Andrew Lack, chairman and chief executive of Sony Music Entertainment. Rolf Schmidt-Holtz, the… Read more »