EMI and Time-Warner withdraw multibillion dollar merger deal

EMI GROUP and Time Warner withdrew their application for a $20 billion merger deal in October from the European Union. The two companies have terminated their January agreement, but representatives say they will continue to look for other ways to bring the two companies together. The EU's antitrust authority reportedly balked at the formation of the world's largest music company and is also concerned that the proposed merger would reduce the market to a dominance of four major players, and that the group would receive preferential online distribution when America Online completes its pending $135 billion purchase of Time Warner. CR

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