December 12, 2003
More Evil is Afoot
Posted by nerdling | December 12, 2003 05:34 PM
As the music business slowly lumbers its way toward extinction, we have another round of mergers to amuse us out in the real world, where we like music that doesn't make millions of dollars.
Sony, Bertelsmann Sign Music Merger Deal
BERLIN/NEW YORK (Reuters) - Germany's Bertelsmann AG and Sony of Japan on Friday finalized terms of an agreement to merge their music businesses, as the industry confronts competition from DVDs and video games and the threat of Internet file-swapping.
The 50-50 joint venture, first announced in November, would be the world's second-largest record label, combining the recorded music units of Bertelsmann's BMG and Sony Music, but excluding music publishing and CD production.
The deal depends on regulatory approval in the United States and Europe.
The story further details that this merger leaves megacorporations Universal Music Group and the newly formed BMG/Sony each with a quarter share in total music profits from 2003.
Man, it must suck to be able to do nothing but release a preponderance of shitty music and make money hand over fist.
