Sony BMG posts loss

13:16 | Wednesday July 30, 2008

The loss compares to a profit of $21m (£190.61m) in the equivalent quarter of 2007, a result that parent company Sony says reflects the decline in the physical market and an increase in re-structuring costs.

The company says that its best-selling release in the quarter included Usher’s Here I Stand and Leona Lewis’s Spirit.

Meanwhile, the Nikkei Business Daily today reports that Sony is continuing in talks to buy Bertelsmann’s 50% stake in Sony BMG, with the two companies aiming to reach agreement in August.