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German media giant Bertelsmann AG said Tuesday its BMG music division had completed the purchase of its remaining stake in the Zomba Music Group - the record company of Britney Spears, 'N Sync and the Backstreet Boys - for $2.74 billion.
Former Zomba majority owner Clive Calder is leaving his post as chairman and chief executive but will continue to serve as a part-time adviser, Bertelsmann said in a statement.
In June, Calder exercised an option to sell to Bertelsmann, which already had a minority stake in Zomba, under a 1991 agreement between the two companies.
Bertelsmann chief executive Gunter Thielen said in a written statement that 'Zomba and BMG will further strengthen the position of Bertelsmann in the worldwide music business.'
The price was less than the $3 billion reported in June.
BMG adds Zomba and its artists to its current labels such as Arista, RCA and J Records and acts including Christina Aguilera, Dido, Whitney Houston, Alan Jackson, Alicia Keys, Pink and Carlos Santana.
In addition to BMG, the Gutersloh-based Bertelsmann owns Europe's largest broadcaster in RTL Group, U.S. publisher Random House, magazine group Gruner + Jahr, media services business Arvato and CD and book clubs in its Direct Group division.
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