Los Angeles - German media conglomerate Bertelsmann is looking to sell its 50% stake in major record label joint venture Sony BMG back to Sony (NYSE: SNE) for $1.5 billion, an unnamed source told Financial Times Deutschland. Bertelsmann is looking to complete the sale within four to six weeks, and the talks are "well advanced," the source told FTD, according to a posting on the FTD article at PaidContent.

The source told FTD that Bertelsmann may only fetch $1.2 or $1.3 billion for its stake in Sony BMG, which reported a 27% decline in revenue for 2007.

Bertelsmann has also recently settled the last of the outstanding lawsuits filed against the company for its financial support of the original Napster service.

Related Links:
http://snipurl.com/2fc4f (PaidContent)

http://snipurl.com/2fc3d (Financial Times Deutschland)

http://www.sonybmg.com

http://www.bertelsmann.com