Sony BMG Music Entertainment lost $49 million on sales in its first fiscal quarter, the company confirmed yesterday. This contrasts with the same period last year, when the company had a new income of $21 million.
The company’s three best sellers this year have been Usher’s Here I Stand, Leona Lewis’ Spirit and Neil Diamond’s Home Before Dark.
Parent company Sony recently revealed its net profit fell to $325 million, down from $617 million the year before, mainly on strength of sliding handset sales at Sony Ericsson.
Meanwhile, reports claim Sony remains interested in acquiring Bertelsmann’s 50 per cent share of Sony BMG. The Financial Times reported last month that Bertelsmann wants $1.2 billion to $1.5 billion to pull out of the joint venture. Seems the deal could be sealed within a month.