In 2004, Sony and Bertelsmann established a 50-50 joint venture known as Sony BMG, which transferred the businesses of Sony Music and Bertelsmann Music Group into one entity. In 1966, the company was reorganized to become CBS Records, and Sony Corporation bought the company in 1988, renaming it under its current name in 1991. It was originally founded in 1929 as American Record Corporation and renamed as Columbia Recording Corporation in 1938, following its acquisition by the Columbia Broadcasting System. Being owned by the parent conglomerate Sony Group Corporation, it is part of the Sony Music Group, which is owned by Sony Entertainment and managed by the American umbrella division of Sony.
Sony Music Entertainment (SME), also known as simply Sony Music, is an American multinational music company. See List of Sony Music Entertainment labels
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