{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Bertelsmann and Sony Corp. agree to form joint music venture' data-url='/boclips/videos/5c54c09ed8eafeecae14c1b3' data-video-url='/boclips/videos/5c54c09ed8eafeecae14c1b3' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBertelsmann and Sony Corp. agree to form joint music venture\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide tilt down of Sony headquarters in New York2. Close-up sign \"SONY\" above buildings main entrance3. Medium shot three women smoking underneath \"Sony\" sign4. SOUNDBITE (English) David Kirkpatrick, New York Times Business...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide tilt down of Sony headquarters in New York\u003cbr/\u003e2. Close-up sign \"SONY\" above buildings main entrance\u003cbr/\u003e3. Medium shot three women smoking underneath \"Sony\" sign\u003cbr/\u003e4. SOUNDBITE (English) David Kirkpatrick, New York Times Business Reporter\u003cbr/\u003e\"What's been going on in the music business for the last three years or so could be described as bedlam, misery, disaster, everybody is seeing their sales fall and they're  responding by that, all the music companies are responding to that by trying to consolidate.  They feel like they have excess capacity, too much of everything really, too many CDs, too many warehouses, too many artists and they're trying to cut down across the board.  Universal music, the largest, is so big it couldn't pass regulatory muster with a merger so it's responded by trying to cut it's cd prices but the other four of the big five are involved in a kind of four way grope to pick out merger partners for each other.\"\u003cbr/\u003e5. Wide of Bertelsmann building in Times Square\u003cbr/\u003e6. Close-up advertisement for \"Christina Aguilera\" on BMG building\u003cbr/\u003e7. SOUNDBITE (English) David Kirkpatrick, New York Times Business Reporter\u003cbr/\u003e\"Their announcement today was just a letter of intent, an agreement.  They are going to begin talking and it allows them to go ahead and begin negotiations with the regulators as well but it does not guarantee the merger is going to happen, they may not be able to come to terms with each other at the end of the day and they can still walk away.\"\u003cbr/\u003e8. Wide shot Bertelsmann building\u003cbr/\u003e9. Close-up BMG Sign on building\u003cbr/\u003e10. Close-up BMG flag\u003cbr/\u003e11. Medium shot entrance to building\u003cbr/\u003eBertelsmann AG and Sony Corp. announced a preliminary plan to merge their music businesses Thursday, setting the stage for a company that would vie for world primacy with Universal Music Group.  A merger of Sony Music Entertainment and Bertelsmann's BMG would bring together the world's No. 2 and No. 5 music companies as the industry struggles with losses blamed on music piracy.\u003cbr/\u003eThe new company, to be called Sony BMG, would be equally owned by Sony and Bertelsmann and run by Andrew Lack, chairman and chief executive of Sony Music Entertainment. Rolf Schmidt-Holtz, the chairman and chief executive of BMG, would serve as chairman of the board.  Bertelsmann didn't say whether the two companies had agreed on financial terms in their letter of intent or what issues remained to be worked out before a final agreement could be struck. \u003cbr/\u003eThe deal would put some of music's biggest stars under a common corporate roof. Sony Music Entertainment's labels include Columbia, Epic, and Sony Classical, and it is home to pop artists including Bruce Springsteen, Beyonce Knowles and Celine Dion.  Among the stars on BMG's various labels are Dido, the Dave Matthews Band, Christina Aguilera, Alicia Keys, Avril Lavigne and the late Elvis Presley.\u003cbr/\u003eOther major record companies also are seeking to merge as a way to shore up their strength in the face of declining album sales and rampant file-swapping on the Internet.\u003cbr/\u003eEMI Group PLC of Britain is in talks about the possibility of buying Warner Music Group from Time Warner Inc., three years after European regulatory opposition ended their discussions about a possible joint venture.\u003cbr/\u003eSony BMG would have a combined global market share of 25.2 percent, according to the market measurement firm IFPI, just behind the 25.9 percent share held by industry leader Universal Music Group, which is part of the French conglomerate Vivendi Universal.\u003cbr/\u003eIf the deal goes through - it still faces approval by U.S. and European regulators - it would combine Sony and BMG's recorded music business but would exclude music publishing, physical distribution and manufacturing.\u003cbr/\u003eAntitrust lawyers said changes in the market could mean Sony and Bertelsmann would have an easier ride than Warner Music and EMI, which European Union regulators feared would lead to an oligopoly of four firms controlling 80 percent of the European market.  But given declining sales and profits, Sony and Bertelsmann may try to argue they need to be bigger to survive.\u003cbr/\u003eThe board of the new company would be split, with an equal number of directors from each partner, and senior executives from both groups would join the venture.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv 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