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Sony Music, BMG Merge to Form World's 2nd Largest Record Label

Authored by Mark Hefflinger on August 6, 2004 - 3:28am.
New York -- Sony Music Entertainment and BMG announced on Friday the creation of Sony BMG Music Entertainment, a joint venture that will become the world's second largest record label behind Universal and reduce the "Big 5" group of major labels to just four. The merger recently gained antitrust approval from both the Federal Trade Commission and European Commission. Former Sony Music chairman and CEO Andrew Lack will serve as CEO of the 50-50 joint venture, while former BMG chairman and CEO Rolf Schmidt-Holtz will serve as chairman. "The creation of Sony BMG Music Entertainment is a historic opportunity for us to build a new music company that we believe can thrive creatively and financially in a highly challenging worldwide music market," said Schmidt-Holtz. As a result of the merger, the combined company is expected to lay off as many as 2,000 employees, according to published reports.
http://biz.yahoo.com/ap/040805/sony_bmg_1.html
http://www.hitsdailydouble.com/news/newsPage.cgi?news05242m01

tags: Sony Music | BMG Merge | Record Label |

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