Sony, Bertelsmann close to deal over BMG
Deal pegged at $1.2 billionSAN FRANCISCO - Sony Corp. and Bertelsmann AG are close to signing a deal for Sony to buy out Bertelsmann's 50% stake in the Sony BMG music joint venture, according to sources.
An announcement could be made in the coming days.
The deal's value is pegged at around $1.2 billion, said one source. Sony BMG is also believed to have about $600 million in cash, and Sony would get its hands on all of that in a deal.
Sony and Sony BMG spokespeople weren't available for comment late Monday.