BERTELSMANN AG AND SONY CORPORATION AGREE TO FORM JOINT MUSIC GROUP
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“New York, New York - November 6, 2003 — The international media and entertainment companies Bertelsmann AG and Sony Corporation today announced that they have signed a non-binding letter of intent to form a jointly owned recorded music company to be called Sony BMG. The company will be 50% owned by Bertelsmann and 50% owned by Sony.
The joint venture of BMG and Sony Music Entertainment will combine their recorded music businesses. The new company would not include the companies’ music publishing, physical distribution and manufacturing businesses.”
