The European Commission is set to block the proposed joint venture of the music businesses of EMI Group and Time Warner (TWX) despite the companies' attempts to save the deal by offering to sell Virgin Records and part of their music-publishing catalog, The Wall Street Journal reported.
The commission's regulators put together a draft decision to clear
separate merger with Time Warner, the newspaper reported. In that recommendation, the commission said it was prepared to block the EMI deal, the paper reported, citing a person who saw the document.
On Wednesday, the commission's antitrust department circulated a memo saying it isn't considering any new offers from the companies, the same person said, meaning that the commission is standing by its earlier recommendation to block the deal, the newspaper reported.
An advisory council of national regulators is scheduled to meet on Thursday to discuss both cases, the newspaper reported.