August 6, 2004 12:00 AM ET
The new deal will fuse Columbia's roster -- which includes vets like Bruce Springsteen and Bob Dylan, along with newcomers like Jennifer Lopez -- with that of BMG's labels including Arista, J Records and RCA, represented by OutKast, Usher, Justin Timberlake, Alicia Keys, Dido and the Strokes.
Both companies hope the merger will allow restructuring that will save close to $350 million, possibly via job and roster cuts.
Sony Music chairman Andrew Lack has been named CEO of the new label, with Sony president Don Ienner and BMG chairman and CEO Clive Davis running their respective subsidiaries.
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