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BREAKING NEWS

Bertelsmann may sell its share of Sony-BMG

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Bertelsmann may sell its share of Sony-BMG

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Sony has reportedly started negotiations to gain full ownership of its US venture Sony-BMG Music, in an effort to become more competitive in the music business. Bertelsmann is said to be looking for up to 950 million euros for its 50% stake and a deal could be completed by as early as next month.

Sony has just posted a bigger than expected 47% fall in quarterly profit, hit by a downturn at its mobile phone joint venture with Sweden’s Ericsson. It has also lowered its group net profit forecast for the year.