Sony to buy Bertelsmann's Sony BMG stake for $900M
By The Associated PressWednesday, August 06, 2008LOS ANGELES - Sony Corp. said Tuesday it is buying Bertelsmann AG out of their 50-50 music venture Sony BMG for $900 million, giving it full ownership of a roster of artists including Alicia Keys and the increased ability to leverage music over an array of electronic devices.
In a filing with the Securities and Exchange Commission, the Japanese electronics and entertainment giant said it would pay Bertelsmann $600 million and give it all of the $600 million in cash holdings of the joint venture.
Since privately owned Bertelsmann already owned $300 million of that sum, the deal is valued at $900 million.
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