The European Commission on Monday night approved the 50-50 merger of Bertelsmann Music Group and Sony Music, creating the world's second largest recorded music company, without concessions or structural remedies. Sony BMG, as the enlarged company will be known, is expected to control more than 22 per cent of the global music market with combined annual sales of about $8bn. Approval in Brussels is expected to be followed shortly by clearance from the US Federal Trade Commission. Bertelsmann, the German media group which will own 50 per cent of the enlarged business, said the new joint venture would better serve artists and consumers. |
 
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