TOKYO (AFP) - Japan's Sony Corp. said it completed the acquisition of German media giant Bertelsmann's 50-percent stake in their Sony BMG joint venture, the world's second largest recorded music company.
The venture, which is now a wholly owned subsidiary of the Japanese electronics and entertainment conglomerate, will be renamed Sony Music Entertainment Inc., Sony said in a statement late Wednesday.
The two firms joined forces in 2004 to save costs in the face of declining CD sales and the growing popularity of Internet downloads, but Bertelsmann announced in August that it was selling its stake to its Japanese partner.
The music company is one of the industry's "big four" together with Universal, EMI and Warner Music and has artists including Alicia Keys, Celine Dion, Justin Timberlake, Usher and Bruce Springsteen on its roster.
Sony BMG accounts for around a quarter of global music sales, comprising labels including Arista Records, Columbia Records and Epic Records.
The German media giant will receive 1.2 billion dollars from the deal, Sony has said, including 300 million dollars of its share of the cash on Sony BMG's balance sheet.
