Approval Close For Sony BMG To Launch Pub Division
October 11, 2007 at 6:18 AM (PT)
SONY BMG is close to getting approval from its co-owner SONY CORP. on setting up a music publishing unit, FINANCIAL TIMES reported, citing SONY BMG CEO ROLF SCHMIDT-HOLTZ. A future publishing arm of SONY BMG may compete with SONY's own publishing business (SONY ATV) in auctions for collections of copyrights, the newspaper said.
"The shareholders are talking at the moment and I'm confident we will find a solution," SCHMIDT-HOLTZ was quoted as saying.
Under the proposed accord, SONY BMG would be allowed to bid for the publishing rights of its own recording artists while refraining from buying collections of copyrights SONY itself may be interested in, the CEO said.