Sony BMG Disbands, Old White Guys Push More Money Around Than You’ll Ever See In Your Life With Giant Rakes

In the wake of the announcement that it lost almost $50 million last year, Sony BMG has officially disbanded. Sony purchased BMG's stake in the venture for $900 million and threw in an additional $300 million of the money that the conglomerate had lying around.

The new music company, dubbed Sony Music Entertainment Inc, is entirely owned by Sony and involves labels such as Arista, Columbia, Epic, Jive and RCA. Upshot: The Bertelsmann group gets over a billion dollars and Sony retains a giant chunk of the increasingly unprofitable music industry.

BMG CEO and apparent PR robot Hartmut Ostrowski had this to say: "The move is consistent with our new growth strategy and will enable us to focus on our defined growth areas. Sony has been an excellent partner, and they are the right company to take this business to the next step and ensure that it realizes its full value and potential."

Good to see Hartmut living the dream. Go for it, man! Focus on those defined growth areas!

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