October 2, 2008 9:00 AM ET
Sony BMG is no more, as Sony has finally reacquired the 50% share of the company owned by Bertelsmann. Sony had sought the buy out since July, when the company posted a first quarter loss. Sony now has complete ownership of its music division and has rebranded itself Sony Music Entertainment Incorporated (SMEI). Sony reportedly spent $600 million on the buy back. As one of the four major labels, Sony was responsible for roughly 24.1% of the album market share in the past nine months. Epic Records, J Records, Columbia, Jive, Zomba and Arista are among the labels under the Sony umbrella.
Related Stories:
• Sony BMG Posts 1st Quarter Losses, Sony Looks to Buy Out BMG
• Clive Davis Steps Down as Head of BMG Music
• Photo Gallery: Rare Images Taken at Columbia's 30th Street Studios
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