Bertelsmann wants to sell Sony BMG stake to Sony
German media group Bertelsmann is in talks with Japanese partner Sony on the sale of the former's half in their jointly owned music company Sony BMG.
By Agencies |
FRANKFURT: German media group Bertelsmann is in talks with Japanese partner Sony on the sale of the former's half in their jointly owned music company Sony BMG, a newspaper said Tuesday.
Each has owned half of the music publishing firm since 2004, and Sony has an option to buy should Bertelsmann decide to sell its stake, the Frankfurter Allgemeine Zeitung newspaper said, without identifying its source.
The daily explained that Bertelsmann boss Hartmut Ostrowski has decided to get out of the music business due to falling sales caused by Internet downloads.
The partners have not yet agreed on a price, but a deal could nonetheless be finalised within a few months, the report said.
Bertelsmann is also active in television with the RTL group, publishing, with Gruner + Jahr and Random House, services, and book and record clubs.
Those clubs are currently being restructured however, and a partial sale is also expected at some point.
Each has owned half of the music publishing firm since 2004, and Sony has an option to buy should Bertelsmann decide to sell its stake, the Frankfurter Allgemeine Zeitung newspaper said, without identifying its source.
The daily explained that Bertelsmann boss Hartmut Ostrowski has decided to get out of the music business due to falling sales caused by Internet downloads.
The partners have not yet agreed on a price, but a deal could nonetheless be finalised within a few months, the report said.
Bertelsmann is also active in television with the RTL group, publishing, with Gruner + Jahr and Random House, services, and book and record clubs.
Those clubs are currently being restructured however, and a partial sale is also expected at some point.
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