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Bertelsmann asks $1.5 bln for its Sony-BMG stake: report

TOKYO
Wed Jun 11, 2008 9:59pm EDT

TOKYO (Reuters) - German media group Bertelsmann is seeking $1.2 billion to $1.5 billion to pull out of its Sony-BMG music joint venture with Sony Corp, the Financial Times reported on Thursday.

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The companies hope to strike a deal over the summer, but there were still differences over the price, the newspaper said, citing three unidentified people familiar with the talks.

Bertelsmann was looking for up to $1.5 billion for its half share, although this could fall if Sony pledged to buy services from Bertelsmann, whose Arvato arm makes and distributes CDs, the paper said.

The two companies agreed that when they merged Sony Music and Bertelsmann Music Group in 2004 that either side could buy the other out by August 2009.

(Reporting by Edwina Gibbs)
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