- The planned merger between Time Warner and EMI's music divisions has been withdrawn after it was revealed that its current format would be unacceptable to the EU.
The EU had raised concerns that the merger would produce too powerful an entity. The two companies are set to try and find a way to revive the deal by continuing their discussions, and it is anticipated that the best way to get around the problem will be to negotiate a less ambitious sale of parts of their respective businesses.
It is understood that under this arrangement, EMI's Virgin Records and Warner's Chappell Music publishing are tipped to be sold.
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