Sony To Buy Out Bertelsmann's Stake In Sony BMG

Sony Corporation announced Tuesday (August 5) that it will buy out Bertelsmann's 50 percent ownership in Sony BMG for $1.2 billion, giving the Japanese electronics and entertainment company complete ownership of an extensive roster of artists (including Alicia Keys and many others) and record labels like Arista, Jive and Epic.

The newly dubbed Sony Music Entertainment Inc. will be owned by Sony Corp. of America, while Bertelsmann will control portions of Sony BMG's European music catalog. The split marks the end of a four-year venture made in August 2004.