In 2003, Sony Music and BMG (Bertelsmann Music Group) announced plans to merge. A 50/50 joint venture, the merger combined the world's second- and fifth-biggest music companies that boasted the catalogues of Elvis Presley, Bruce Springsteen, Miles Davis, Britney Spears, and other notable singers. The endeavor was spurred by the need to combat illegal music piracy and the rumors of a possible merger between EMI Group Plc and Time Warner Inc.'s Warner Music Group, which represented the third- and fourth-largest record companies, respectively.
After acquiring backing from the European Union and approval from the US Federal Trade Commission, Sony BMG was born on August 5, 2005. However, the partnership lasted for less than four years as Sony bought out BMG's interest in 2008 and rebranded the firm Sony Music Entertainment. Today, Sony Music Entertainment remains the second-largest music company behind Universal Music Group.
About the Author:
Bruce Furst graduated from UCLA and holds the academic degrees of Bachelor of Arts and Juris Doctorate of Law. He has dedicated his career to the entertainment industry as a producer and brand licensing specialist. In 2005, Bruce Furst joined Frame of Mind Entertainment and Sony BMG Custom Marketing Group to create “Christmas Classics - Yesterday, Today, & Forever,” a compilation CD featuring Jessica Simpson, Tony Bennett, Christina Aguilera, and other stars performing Christmas classics.
With over 20 years of experience in the entertainment industry, Bruce Furst boasts significant expertise in film and music licensing.