Time Warner, EMI make concessions to EU

In the proposal, the companies "proposed a balanced set of remedies" that are "intended to increase competition across the European music industry," EMI said in a statement. The joint music venture between Time Warner and EMI has been valued at $US20 billion. The concession plan proposes selling off some of its record labels and assets in music publishing, though EMI did not name any specific assets it would be willing to part with, an EMI source confirmed Wednesday.

The companies firmly believe that the EU will approve the merger, adding that Time Warner and EMI will continue discussions with the EU until the government body announce its ruling on October 18, EMI said.

Officials at the EU refused to comment on the proposals though a report in the Financial Times quotes an inside source as saying the proposals are "in the right direction."

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