America Online

(AOL)

was down 3.9% in midafternoon as

European Union

officials met behind closed doors to consider the company's proposed merger with

Time Warner

TheStreet Recommends

(TWX)

. The same officials were also discussing Time Warner's proposed joint venture with

EMI

. Time Warner was down 4.3%. Earlier, AOL and Japan's

NTT DoCoMo

announced a deal to develop mobile Internet services.