Sony Music Entertainment Inc. (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. Sony Music Entertainment is the second largest of the "Big Three" record companies, behind Universal Music Group and ahead of Warner Music Group. Its music publishing division Sony/ATV is the largest music publisher in the world. It also owns SYCO Entertainment, which operates some of the world's most successful reality TV formats, including Got Talent and The X Factor.