Sony Music Entertainment (SME), commonly known as Sony Music, is an American global music conglomerate owned by Sony and incorporated as a general partnership of Sony Music Holdings Inc. through Sony Entertainment Inc. , a subsidiary of Sony Corporation of America, which in turn is a subsidiary of the Japanese Sony Corporation. 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. 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. In 2004, Sony and Bertelsmann established a 50-50 joint venture known as Sony BMG Music Entertainment, which transferred the businesses of Sony Music and Bertelsmann Music Group into one entity. However, in 2008, Sony acquired Bertelsmann's stake, and the company reverted to the SME name shortly after; the buyout allowed Sony to acquire all of BMG's labels, and led to the dissolution of BMG, which instead relaunched as BMG Rights Management.