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Konami Corp is in talks with JVC Kenwood Holdings over the possible sale of the music firm’s subsidiary Victor Entertainment Inc, according to reports.
The pair are expected to reach a deal by the end of the month, with JVC Kenwood – established by Victor and Kenwood in October 2008 after a merger deal – negotiating with Konami over the sale of a majority of stake in Victor Entertainment.
Victor Entertainment began producing records in 1928 as the music business division of the Victor Talking Machine Company’s Japan unit. The firm was spun off from Victor as a standalone record company in 1972.
The company is the fourth biggest music label in Japan, with a market share of seven per cent, behind rivals Universal Music, with 16 percent, Avex Group Holdings Inc., with 15 percent, and Sony Music Entertainment (Japan) Inc., with 15 percent.
Thanks Kotaku.
