Our major acquisitions and joint ventures ... will be shown on the books for the second half of the year,

The deal is based on a 50-50 valuation of the two assets, and there will be no cash payment, ... We have combined our assets with Sony's because we believe music will remain one of our core businesses.

We are prepared for an IPO. Bertelsmann has developed strongly in the last years and increased its profits considerably.

We have made the necessary efforts in the last years to prepare for a possible IPO.

During the first half of the year, Bertelsmann established the foundations for continued future growth. I am very pleased at our improved return on sales.

During the first half of the year, Bertelsmann established the foundations for continued future growth, ... I am very pleased at our improved return on sales.