Sony and BMG announced their merger

NEW YORK (Sony/BMG & NYSE announcements) - Two of the last of the record industry giants hope to merge. Sony and BMG confirmed today that they are going ahead with plans to join forces to become Sony BMG - the second-largest label in the world.
Both labels are industry heavyweights and the new deal would place stars from Britney to Elvis and Beyonce to Bruce Springsteen all under one roof.

However, it's not a done deal yet - the plan still needs to be approved by both European and American trade regulators who have been reluctant to approve such massive mergers in the past. The merger is subject to approval by authorities in the United States and the European Union. No financial terms were disclosed.

Germany-based Bertelsmann AG and Sony Corp. said Friday the two have finalized an agreement to merge their music businesses and form Sony BMG, which will be based in New York and owned equally by the two media companies.
Artists under BMG include Christina Aguilera, Toni Braxton and Kelly Clarkson.
The Sony Music Entertainment is a unit of Tokyo-based electronics giant Sony Corp. The No. 2 music company's labels include Columbia, Epic and Sony Nashville.