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Business

Bertelsmann Buys Backstreet Boys, Britney

Global media giant Bertelsmann announced on Tuesday it had finalized the purchase of Zomba Records, the world's largest independent record company, for $2.7 billion (2.72 billion euro). The acquisition by the company, based in Gütersloh, Germany, will make Bertelsmann's music division, BMG, the world's third-largest music publisher. Since 1991, Bertelsmann has held minority stakes in the company -- 25 percent of Zomba Publishing and 20 percent of Zomba Records. Zomba's illustrious and commercially successful roster of artists includes the Backstreet Boys and Britney Spears.