Amelia Torres, a spokeswoman for European Union competition commissioner Mario Monti, said: "The companies made proposals that have yet to be formalized."
Big wigs If approved, the deal will create the world's largest music company. The meeting included executives from the highest levels of the two companies – including EMI chairman Eric Nicoli and Time Warner chairman Rick Parsons. Also present were chairman of Warner Music Group Roger Ames and Ken Barry, EMI Recorded Music's chief executive officer.
Scott Miller, a Time Warner spokesman in New York, said formal concessions will be submitted prior to the commission's deadline. He said: "We believe that our proposed settlement best addresses all of the concerns raised by the commission."
Block The news of the Time Warner and EMI concession meeting comes as the Wall Street Journal reports that an EU preliminary recommendation states the commission will block the proposed $113 billion acquisition of Time Warner by America Online (AOL). European regulators are concerned that the merger between the online heavyweight and content-rich Time Warner would kill competition.
The EU Commission's executive body will make the final decision on the merger approval. Commissioners have until October 18 to determine its fate, but the vote is expected to come as early as October 4 during one of the commission's weekly meetings.
The US Federal Trade Commission members also have expressed concerns that the music merger would give the combined company too much power.