The Federal Trade Commission (FTC) has approved the Sony and BMG merger.
Sony BMG Music Entertainment will become the second-largest record company in the world, owning 30 percent of the world music market with combined sales of more than $8 billion, according to Nielsen SoundScan. Vivendi is the largest company, while Warner Music Group and the EMI group are third and fourth.
The merger should be complete by the end of 2004. About 2000 jobs will be lost. The status of Sony's recording studios in New York, London and Tokyo are still being decided.
Visit SonyFTC for more details about the merger.