RIP for Sony BMG

(Reuters) Sony Corp agreed to buy Bertelsmann's 50 percent stake in their Sony BMG music joint venture for around $900 million, ending a four-year venture that never managed to beat the music industry's woes.

Sony said in a statement on Tuesday Bertelsmann will also get $300 million of the cash on Sony BMG's balance sheet, valuing the deal at around $1.2 billion, though the value to Bertelsmann, including tax breaks, is higher.

The music company -- the world's second-largest after Vivendi unit Universal -- will now be called Sony Music Entertainment Inc - more on this story

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