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Sony BMG Posts 1st Quarter Losses, Sony Looks to Buy Out BMG

July 30, 2008 9:00 AM ET

Sony BMG Music Entertainment lost $49 million on sales in its first fiscal quarter. Over the same period last year, the company had a net income of $21 million. The company's three best sellers this year have been Usher's Here I Stand, Leona Lewis' Spirit and Neil Diamond's Home Before Dark. While all three debuted atop the Billboard album charts in their first week, none of the three have managed to crack the platinum mark. Despite the losses, Sony is reportedly seeking to buy out the remaining 50% stake it doesn't own in the company from German company Bertelsmann. The buy out could be complete by early August, as Bertelsmann has come down on their price from $1.2-1.5 billion to roughly $920 million.

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Song Stories

“Money For Nothing”

Dire Straits | 1984

Mark Knopfler wrote this song with Sting, and it wasn’t without controversy. The Dire Straits frontman's original lyric used the word “faggot” to describe a singer who got their “money for nothing and their chicks for free.” Even though the slur was edited out in many versions, the band, and Knopfler, still took plenty of criticism for the term. “I got an objection from the editor of a gay newspaper in London--he actually said it was below the belt,” Knopfler told Rolling Stone. Still, "Money For Nothing," undoubtedly augmented by its innovative early computer-animated video, stayed at Number One for three weeks.

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