Posted on: July 30th, 2008 And Then There Were Four?
Sony BMG Music Entertainment lost $49 million on sales in its first fiscal quarter. Over the same period last year, the company had a net income of $21 million. Sony is reportedly seeking to buy out the remaining 50% stake it doesn’t own in the company from German company Bertelsmann. The buy out could be complete by early August, as Bertelsmann has come down on their price from $1.2-1.5 billion to roughly $920 million. That would leave Sony, Warner, EMI and Universal as the only major record labels. Pretty soon there will just be one giant record label, called “The Record Label” How sad, Rollerball here we come….
Filed under: Business, Labels