Finally, some meat on the bone of the “Bertelsmann wants to quit music” story. An unnamed source tells FT Deutschland the German media group wants to sell its 50 percent stake in Sony (NYSE: SNE) BMG to its JV partner for $1.5 billion within four to six weeks. It may only get $1.2 or $1.3 billion, the source said. Yesterday, Frankfurter Allgemeine Zeitung had another bite at a rumour that has bobbled about all year, but added little. But FTD says talks are “well advanced”.
Bertelsmann’s BMG revenue from SonyBMG fell 27 percent to