RUMOR MILL
Back to Rumor Mill >
Feb. 10, 2006: Lack and Schmidt-Holtz swap roles to resolve the months-long battle between the parent companies.
Tuesday, August 5, 2008

A SONY-BMG TIMELINE: OH WHAT A TANGLED WEB

Music Companies Spent Years Courting One Another, and Four Years Married
Jan. 21, 2000: Bertelsmann says it is weighing up acquisitions in a bid to become a leading music industry player.

Oct. 9, 2003: Bertelsmann says it is in talks with AOL Time Warner, Sony and EMI Group over a deal to create a joint venture with its BMG music label.

Nov. 6, 2003: Bertelsmann says it plans to merge its BMG music business with that of Japan's Sony in a 50-50 joint venture.

Jan. 26, 2004: IMPALA, a contingent of independent music labels vows to fight the proposed merger.

Feb. 12, 2004: The European Commission says it will open an in-depth probe into the planned music merger.

July 20, 2004: The European Commission unconditionally approves the merger of Sony Music and BMG. CEO-designate Andy Lack tells Reuters he is ready for the new role, which presents "terrific challenges."

Dec. 3, 2004: Europe's independent record labels say they have filed a legal challenge to the European Commission's approval of the merger.

Dec. 13, 2004: Lack tells the Financial Times he plans to double investment in artists and songs in order to reap the benefits of a music industry revival.

May 3, 2005: Restructuring charges at Sony BMG hit Bertelsmann's net profit.

July 15, 2005: Number-two SBMG executive Michael Smellie resigns as COO to return to his family in Australia.

Oct. 10, 2005: Bertelsmann tells Sony it does not want to renew the contract of Sony BMG Chief Executive Lack.

Oct. 11, 2005: Sony CEO Howard Stringer throws his support behind Lack.

Nov. 19, 2005: Sony BMG's European head says the company will miss its 2005 sales target in Germany.

Feb. 1, 2006: Bertelsmann board member Rolf Schmidt-Holtz will oust Andy Lack as Sony BMG CEO.

Feb. 3, 2006: Schmidt-Holtz tells aspiring music executives the wrong CEO can destroy a company in two years.

Feb. 10, 2006: Lack and Schmidt-Holtz swap roles to resolve the months-long battle between the parent companies.

March 22, 2006: Bertelsmann's CEO says Sony BMG's share of the global market for recorded music fell in 2005.

July 13, 2006: The European Commission says it will have to re-examine the Sony Music-BMG merger after a European court annuls the way it approved the 2004 deal.

Oct. 3, 2007: Sony and Bertelsmann win European Commission clearance for the joint venture, for a second time.

Aug 5, 2008: After weeks of speculation, Sony and Bertelsmann say Sony has agreed to buy Bertelsmann's 50% stake in Sony BMG.

 
BACK TO RUMOR MILL
 
TOP 20: TAYLOR TIME
A record that's breaking records (4/24a)
Check It Out Now
VMAs BEAMING BACK
TO THE BIG APPLE
Getting back to where they once belonged (4/24a)
Check It Out Now
THE COUNT: ALL THE DESERT'S A STAGE
Jon Wayne is rolling over in his grave. (4/24a)
Check It Out Now
 A CHORUS OF PRAISE: IVORS 2024 NOMS
Action across the pond (4/24a)
Check It Out Now
GONE COUNTRY: HOUSE LIPMAN INVESTS IN WESTERN WEAR
The full Monte (4/24a)
Check It Out Now
THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)

By clicking submit you are agreeing
to Terms and Conditions