Sony Bolsters Bet on Music Industry

Potential new deals behind $900M buyout of partner Bertelsmann
By Sam Biddle,  Newser Staff
Posted Aug 5, 2008 3:22 PM CDT
Hartmut Ostrowski, CEO of the German media company Bertelsmann, addresses the media during the annual balance news conference in Berlin on March 18, 2008.   (AP Photo)
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(Newser) – Sony will buy out Bertelsmann AG’s half-share of the Sony BMG music venture for $900 million, the Wall Street Journal reports—a significant bet in an industry that has seen little good news recently. Though sales of recorded music are down, Sony’s other ventures—its own consumer-electronics franchises, mobile-phone partnership with Ericsson—could allow for new revenue streams going forward.