Sony Negotiating Bertelsmann Buyout
July 29, 2008 at 5:20 AM (PT)
SONY CORP is in talks to buy the 50% stake it does not own in SONY BMG MUSIC ENTERTAINMENT from GERMANY's BERTELSMANN for more than 100 billion yen ($931 million), the NIKKEI BUSINESS DAILY reported on TUESDAY.
The paper said the companies aim to reach an agreement as early as AUGUST.
SONY spokesman AYSUO OMAGARI declined to comment on whether the company was in talks on such a deal.
The FINANCIAL TIMES had reported last month (NET NEWS 6/12) that BERTELSMANN was seeking $1.2 billion to $1.5 billion to pull out of the joint venture, and that the GERMAN media group and SONY could strike a deal over the summer.