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.

To read the new issue of Rolling Stone online, plus the entire RS archive: Click Here

Music Main Next
Around the Web
Powered By ZergNet
Daily Newsletter

Get the latest RS news in your inbox.

Sign up to receive the Rolling Stone newsletter and special offers from RS and its
marketing partners.


We may use your e-mail address to send you the newsletter and offers that may interest you, on behalf of Rolling Stone and its partners. For more information please read our Privacy Policy.

Song Stories

“You Oughta Know”

Alanis Morissette | 1995

This blunt, bitter breakup song -- famous for its line "Would she go down on you in a theater?" -- was long rumored to be about Alanis Morissette getting dumped by Full House actor Dave Coulier. But while she never confirmed it was about him (Coulier himself says it is, however), she insisted the song wasn't all about scorn. "By no means is this record just a sexual, angry record," she told Rolling Stone. "The song wasn't written for the sake of revenge. It was written for the sake of release. I'm actually a pretty rational, calm person."

More Song Stories entries »