The deed is done:

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.

....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. [AP]

Of course they will - what's the point otherwise? This means even more of my music industry friends will be starting their own businesses, doing about the same things, only for lower pay and no benefits.