MUMBAI: European Commission (EU) regulators have given their approval to Sony Corp to acquire the 50 per cent stake owned by Bertelsmann AG in the music company Sony BMG.
In a statement the EU said it had "concluded that the transaction would not significantly impede effective competition." The deal would make Sony the complete owner of the current entity Sony BMG.
The music company will be renamed as Sony Music Entertainment Inc (SMEI) and will be a wholly owned subsidiary of Sony Corporation of America. Sony and Bertelsmann AG originally created the Sony BMG joint venture in August 2004.