Recently, Japan’s Sony Corp. has just completed the take over of German media giant Bertelsmann’s 50% stake in their Sony BMG joint venture.

The Sony BMG is one of the industry’s “big four” together with Universal, EMI and Warner Music and has artists including Celine Dion, Alicia Keys, Justin Timberlake, Bruce Springsteen and Usher on its roster.

The venture, the world’s second largest recorded music company, which is now a wholly subsidiary of the Japanese electronics and entertainment conglomerate, will be renamed Sony Music Entertainment Inc.

The two giants joined forces in 2004 to reduce costs in the face of declining CD sales and the increasing popularity of Internet downloads. However, Bertelsmann informed in August that it was selling its stake to its Japanese partner.

Sony BMG accounts for around a quarter of global music sales, comprising labels including Columbia Records, Arista Records and Epic Records. Sony said that the German media giant Bertelsmann would get $1.2 billion from the deal, including $300 million of its share of the cash on Sony BMG’s balance sheet.

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