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The Financial Times reported last week that the two companies plan to cut about 2,000 jobs, or a quarter of their combined work force, to achieve a hoped-for $300 million in annual savings The EU's executive body, the European Commission, had been widely expected to endorse antitrust chief Mario Monti's decision to approve the merger "The merger was approved without conditions," said spokesman Oliver Herrgesell, in a telephone interview The EU initially said the deal could lead to higher CD prices, fewer choices for consumers, and stifle the development of legal online music downloading European Union OKs BMG-Sony Music Merger Jul 19, 2:40 PM EST The European Union has approved the merger of Sony Music and Bertelsmann AG's BMG unit in a deal that gives the four "majors" control of about 80 percent of the world music market, a Bertelsmann spokesman said Monday Monti, the EU's competition commissioner, reversed his merger team's initial objections to the deal after two days of closed-door hearings in June with the companies and third parties, including independent labels and companies involved in the emerging legal market for online music downloading Impala, an umbrella group for more than 2,000 independent labels, said the merger would further reduce small companies' ability to give artists sufficient exposure Herrgesell would not provide any further details of the EU approval The deal leaves 80 percent of the market in the hands of four groups: Sony-BMG, Vivendi Universal, EMI and Warner Music A source close to Sony confirmed the deal had been approved by the commission, a day earlier than anticipated Sony-BMG and Vivendi Universal control about a quarter each The 50-50 joint venture is still undergoing antitrust review in the United States and approval is expected within days But it concluded after internal review that it did not have "sufficient evidence" of collusion or future harm to consumers Independent music companies have lobbied against approval of the deal, and threatened legal action to overturn the decision " "They look good," he said The old brick school features displays that highlight the life of the nation's 39th president se/peace/ Carter, 78, won the Nobel prize for his "untiring effort" to peacefully solve international conflicts and to advance democracy and human rights " The banner read, "Congratulations President Carter, 2002 Nobel Peace Prize Ex-President Carter Surprised by Honor Dec 7, 1:51 AM EST PLAINS, Ga " During the ceremony, students from Schley County High School gave a reading and Carter made remarks "We've got a big banner and a couple of the cards have been blown up Ranger Mark Rockwell of the National Park Service said congratulatory cards â€â€? more than 20,000 made by students around the state â€â€? were hung throughout the building, on "almost every vertical surface Presentation of the award will be marked Tuesday by a solemn ceremony at city hall in Oslo, Norway, and a torchlight parade in Carter's honor The students greeted Carter Friday at his old high school, now part of the Jimmy Carter Historic Site (AP) â€â€? Some 300 students from 15 area schools attended a surprise ceremony to honor former President Carter for winning the 2002 Nobel Peace Prize â€â€?â€â€?â€â€? On the Net: Nobel Peace Prize Web site: http://www nobel |
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