(Classic Rock) The Australian record label which launched AC/DC's career has been acquired by major music firm Bertelsmann Rights Management (BMG). Alberts, a 131-year-old independent recording and publishing company, will form part of BMG Australia.

It was originally a watch and clock repair shop, but its watchmaker and musician founder Jacques Albert began selling instruments and sheet music in store, before expanding into publishing, recording and artist management.

Outgoing CEO David Albert tells Billboard: "It's positive for the business and for the future. But the other emotion is, all the family feels there's a sense of sadness that it's the end of a 131-year era.

"What makes it a bit easier from the family's perspective is we made it together. But there couldn't be more mixed emotions." Read more here.

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