Sony Music comes with a rich history. The enterprise was first founded in 1929 as American Record Corporation and in 1938 renamed as Columbia Recording Corporation when it acquired by CBS. It was reorganized and became CBS Records in 1966. The Sony Corporation of America, a subsidiary of Tokyo, Japan based Sony Corporation bought CBS Records in 1987 and in 1991 renamed to Sony Music Entertainment. Many call it Sony Music. It is the proud owner of many record labels including Columbia Records, RCA Records, and Epic Records. Its franchise spread the globe under many names and labels.
Sony holds full or partial rights to work of many artists including Bruce Springsteen, late Michael Jackson and the Beatles. Apart from music, Sony Music is also working on big budget movies with leading film companies including Dharma Production, Fox Star Studios and many others. Its “Spider-Man” series is also showing lots of success. Running the company cost money and Sony is trying to cut cost by relocating facilities to cut taxes and through staff reductions to save salary expenses. Even though the parent company loses billions of dollars and running on red ink, Sony Music is making headlines with profits.