New York - Sony Corp. (NYSE: SNE) said on Thursday that it has completed its $1.2 billion purchase of Bertelsmann's 50% stake in their Sony BMG record label joint venture, ending the partnership the companies embarked on back in 2004. The company will now be known as Sony Music Entertainment, and will account for about 23% of U.S. album sales, second to Universal Music.

The deal was originally announced back in August.

Related Links:
http://www.sony.com/SCA/press/081001.shtml

http://www.bertelsmann.com