that is the recording industry in the current climate of mergers and downsizing 
(ROOT (SBARQ (WHNP (DT that)) (VP (VBZ is) (NP (DT the) (NN recording) (NN industry)) (PP (IN in) (NP (NP (DT the) (JJ current) (NN climate)) (PP (IN of) (NP (NNS mergers) (CC and) (NN downsizing))))))))
(ROOT (SBARQ (WHNP (DT )) (VP (VBZ ) (NP (DT ) (NN ) (NN )) (PP (IN ) (NP (NP (DT ) (JJ ) (NN )) (PP (IN ) (NP (NNS ) (CC ) (NN ))))))))