Sony Music Entertainment And BMG Unite To Create Sony BMG Music Entertainment
Sony Music Entertainment and BMG have completed the creation of Sony BMG Music Entertainment, a global recorded music joint venture with a roster of current artists that includes a broad array of both local artists and international superstars, as well as a vast catalog that comprises some of the most important recordings in history. The announcement was made today by Sony Corporation of America and Bertelsmann AG, the parent companies, respectively, of Sony Music Entertainment and BMG. Sony BMG will be headquartered in New York.
In addition, Sony BMG Music Entertainment is the home of a broad variety of archival recordings, including master works from such all-time greats as Miles Davis, The Byrds, John Denver, Johnny Cash, Robert Johnson, Janis Joplin, Barry Manilow, Louis Armstrong, Dolly Parton, Elvis Presley, Mahalia Jackson, Vladimir Horowitz, Glenn Gould, Laura Nyro, Lou Reed and Stevie Ray Vaughan.
Sony BMG Music Entertainment will be 50 percent owned by Bertelsmann and 50 percent owned by Sony Corporation of America. The new company will be helmed by a management team from both companies, including Andrew Lack, who will serve as Chief Executive Officer, Sony BMG Music Entertainment (formerly Chairman and Chief Executive Officer, Sony Music Entertainment). In addition, Michael Smellie, formerly Chief Operating Officer, BMG, and Kevin Kelleher, formerly Executive Vice President and Chief Financial Officer, Sony Music Entertainment, will each retain his role in the new company.
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