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BERLIN, June 17 (Reuters) - German media group Bertelsmann BTGGg.F on Wednesday said U.S. competition authorities have approved the planned merger of its music division BMG with rival Concord in a deal that would create the world's fourth‑largest music company.

BMG and Concord are among the largest independent music companies. BMG works with artists including Bruno Mars and Kylie Minogue, while Concord is home to recordings by Creedence Clearwater Revival, Miles Davis and R.E.M., among others.

The cash-and-stock transaction will give Bertelsmann a 67% stake in the enlarged company, while Concord's shareholders will get a 33% stake and a one-time cash payment of $1.16 billion.

Bertelsmann in an emailed statement welcomed the approvals from authorities in Germany and the United States.

"Further regulatory approvals in other countries are still pending. Bertelsmann continues to expect the transaction to close in the fourth quarter of 2026," the statement said.