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TWX: EMI and Time Warner Offer Concessions to Get Deal Approved

EMI and Time Warner's (TWX) Warner Music want to get together. Really bad. Continuing their ongoing battle with the European Commission to get approval for their $20 billion joint venture, the pair have offered some heavy last-minute concessions, including the sale of record labels and music publication interests.

According to a

Reuters

story, an inside source said the record labels to be sold would most likely affect consumers in Spain, France and Denmark. This is the last chance for EMI/Warner Music to offer concessions because of a commission deadline.

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Yesterday, EMI and Warner offered informal concessions to the commission, which has until October 18 to make its final ruling.