Sony Music Entertainment Inc. (sometimes known as
Sony Music or by the initials,
SME) is an American music corporation managed and operated by
Sony Corporation of America (SCA), a subsidiary of Japanese conglomerate
Sony Corporation. In 1929, the enterprise was first founded as
American Record Corporation (ARC) and, in 1938, was renamed Columbia Recording Corporation, following ARC's acquisition by
CBS. In 1966, the company was reorganized to become CBS Records. In 1987, Sony Corporation of Japan bought the company, and in 1991, renamed it SME. It is the world's second largest recorded music company, after
Universal Music Group.