Trust me, this is bad for music.

Sony, BMG Combine Their Music Businesses
LOS ANGELES – Sony Music Entertainment and BMG, the music unit of the German media conglomerate Bertelsmann AG, said Thursday they have formally combined their music businesses.
The new company, Sony BMG Music Entertainment, will rival Vivendi’s Universal Music Group for market share.
Sony BMG, which will be headquartered in New York, instantly becomes home to a stable of hit-makers, including Britney Spears, OutKast, Aerosmith and Travis Tritt. The company also now controls a catalog of works by music veterans like Elvis Presley, Miles Davis, Johnny Cash and Stevie Ray Vaughan.
Sony Corp. and Bertelsmann each own half of the new combined company. The deal did not include the parent companies’ music publishing, manufacturing or physical distribution businesses. Sony Corp.’s recorded music business in Japan, SMEJ, was also not part of the new joint venture.
The Federal Trade Commission approved the merger last week.
Andrew Lack, Sony Music’s former chairman and chief executive, was named chief executive of the new company. Michael Smellie, the former chief operating officer of BMG, and Kevin Kelleher, Sony Music’s former executive vice president and chief financial officer, were also retaining their positions.
A Sony BMG spokeswoman said executives were not available for interviews late Thursday.
As it integrates operations, Sony BMG Music Entertainment might cut as many as 2,000 jobs, according to published reports. The cuts would save about $350 million.