By: Spacelab Research Staff
It was a little over a month ago when Sony announced that it would swallow the BMG part of Sony BMG, transforming itself into the new Sony Music Entertainment Inc. Rolls right off the tongue, doesn't it? Now it seems that the deal has been done.
In a statement released by Sony on October 1st, Sony said "Sony Corporation today announced that it has completed the acquisition of Bertelsmann’s 50% stake in Sony BMG, which was originally announced on August 5, 2008. The music company, to be called Sony Music Entertainment Inc. (SMEI), is now a wholly owned subsidiary of Sony Corporation of America."
Sony paid $1.2 billion for Bertelsmann's 50 percent stake of Sony BMG. It will include labels Columbia, Arista, Epic, J Records, Jive, RCA, and Zomba. They'll be the world's second largest label.
Bertelsmann will depart with some lovely parting gifts: the European contingent of Sony BMG. There's no word on visitation rights for any of the bands, though.