EMI Group

(EMIPY)

was keeping hope alive for its proposed joint venture with

Time Warner

(TWX)

unit

Warner Music

.

The deal, valued at $20 billion, could be blocked by the

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European Commission

, which is concerned that the new company would monopolize Internet distribution channels, bypassing the traditional clearing houses for music.

Senior officials from EMI will be meeting with European Union Competition Commissioner Mario Monti on Monday, just before the final deadline for EMI to offer concessions to assuage regulators' fears.

A company spokesman told

Reuters

that EMI is hopeful that problems can be remedied. The Commission has yet to make any decision, either in draft or official form on the Warner-EMI deal. It has until Oct. 18 to make a final ruling. And just six days later, it will rule on that massive

AOL

(AOL)

-Time Warner deal.