Bertelsmann Music Group, , was a division of Bertelsmann before its completion of sale of the majority of its assets to Japan's Sony Corporation of America on October 1, 2008. It was established in 1987 to combine the music label activities of Bertelsmann. It consisted of the BMG Music Publishing company, the world's third largest music publisher and the world's largest independent music publisher, and the 50% share of the joint venture with Sony Music Entertainment, Sony BMG Music Entertainment . The joint venture with Sony Music was set up in August 2004. It reduced the Big Five record... companies to the Big Four record companies. At that time, the company had a 21.5% share in the global music market. Sony Music and BMG remained separate in Japan, although BMG Music Japan was wholly owned by Sony BMG. On March 27, 2006, the New York Times reported that Bertelsmann was looking to raise money by leveraging some of its media assets, and that executives from both companies were in talks about possibly altering the current venture. Bertelsmann sold its 50% share of Sony BMG to Sony Corporation of America for a total of $1.
more