Article Abstract:
AT&T is asking American Online Time Warner to transform their Time Warner Entertainment (TWE) limited partnership into a full-fledged corporation with stocks that have voting rights. The move would allow AT&T to sell its 26% stake in TWE in the open market. Negotiations for the sale of AT&T's stake to AOL Time Warner bogged down over its value, which analysts placed at $10 billion. However, AT&T must sell to reduce its $46 billion debt and comply with an FCC order to reduce its monopoly in the cable TV industry.
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Article Abstract:
Seagram and Bertelsmann have announced plans to form a joint venture to sell music on the Internet. The alliance, which is expected to become a dominant player in Internet music retail market, will offer a collection of sites with news about music and stars in different genres. Seagram is the world's biggest music producer with acts such as Counting Crows and Beck, while BMG owns the largest music club and features stars such as Whitney Houston and Natalie Imbruglia.
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EMI Group and Time Warner's planned music joint venture remains murky amid conflicting reports on a possible fatal blow from a European Commissin antitrust committee. The unusual gathering will consider the joint venture deal as well as Time Warner's merger plan with America Online. A published report stated that the committee is determined to block the deal, fearing that the No 2 and No 5 music companies would have too much control of prices and distribution.
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