from reuters, some kind of deal with UNIVERSAL
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Tuesday April 6, 7:24 pm Eastern Time
BMG, Universal plan Internet
announcement -sources
(recasts throughout, adds sources tying BMG and Universal to
event)
NEW YORK, April 6 (Reuters) - BMG and Universal, two of the
world's five leading music companies, are set to participate on Wednesday in what is being heralded
as a ''major Internet announcement in the media business,'' sources said on Tuesday.
A news conference is scheduled to be held in New York City at the Rihga Royal Hotel involving
chief executives of several unnamed companies, according to a public relations firm that is hosting
the event.
Several sources at the hotel, including sound and lighting technicians setting up for the event on the
Rihga Royal's 53rd floor, said the event involved BMG and Universal.
A spokesman for Universal, a unit of Seagram Co. Ltd. (Toronto:VO.TO - news), declined to
comment. A spokeswoman for Seagram, Universal's parent, declined to comment.
New York-based spokesmen for BMG, a unit of German media empire Bertelsmann AG (quote
from Yahoo! UK & Ireland: BTGGg.F), did not return calls seeking comment.
Earlier, America Online Inc. (NYSE:AOL - news) said it had no plans to make an an announcement
Wednesday, dispelling stock market speculation it was involved in the planned announcement.
Market rumors have been flying in recent days that AOL, the world's leading Internet services
company, could be gearing up to acquire television broadcaster CBS Corp. (NYSE:CBS - news).
A CBS spokesman declined to comment as a matter of company policy.
The press conference is scheduled for 10:30 a.m. EDT (1430 GMT) at the Rihga Royal Hotel.
A press advisory issued by Robinson Lerer Montgomery, a New York public relations firm, said it
was hosting what it called ''a major Internet announcement in the media business'' that would feature
''the companies' CEOs and other executives.''
A spokeswoman for Robinson Lerer would not identify the companies involved.
Universal is the world's largest music organization, with Seagram's $10.4 billion purchase of
PolyGram last year. It boasts a roster of music artists ranging from Elton John to Herbie Hancock to
U2. Some of its labels are Def Jam Records, Geffen and A&M.
BMG owns more than 200 record labels in 53 countries, including Arista Records, RCA Records
and Ariola Music. It also owns the world's largest music club. BMG sells compact discs and tapes
online at bmgmusicservice.com.
More Quotes
and News:
America Online Inc (NYSE:AOL - news)
CBS Corp (NYSE:CBS - news)
Seagram Company Ltd (Toronto:VO.TO - news)
Related News Categories: Canadian Market News, computers, food/beverage, leisure/travel,
publishing, tobacco, US Market News
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