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To: JDN who wrote (38132)	1/23/2000 4:56:00 PM
From: Sly_	Respond to of 41369

Time Warner to Pay $1 Bln to Control EMI Venture... Sunday January 23 3:45 PM ET By Kristin Roberts NEW YORK (Reuters) - Time Warner Inc. (NYSE:TWX - news) would pay more than $1 billion to shareholders of Britain's EMI Group Plc (EMI.L) to control the board of the music joint venture they plan to form, sources close to the talks said on Sunday. Both Time Warner and EMI confirmed on Sunday that the U.S. music group was in talks with EMI to create a 50-50 joint venture, to be called Warner EMI Music. A Time Warner spokesman declined to comment on the negotiations or terms of a proposed combination. But sources close to the deal said that Time Warner would have six seats and EMI would hold five seats on an 11-member board of the combined music group. EMI stockholders would receive about $1.65 for each EMI share they own, without giving up their shares. In exchange, Time Warner would control the board, the sources said. The joint venture would bring together such EMI acts as the Beatles, Garth Brooks and the Rolling Stones, with Warner stars such as Madonna, Eric Clapton, and Cher. They said a combined Warner-EMI music group, worth about $20 billion, would cut an undisclosed number of jobs, leading to $400 million in savings over three years. Roger Ames, Warner Music Group's chairman, is expected to head the combined Warner-EMI venture as chief executive. Warner-EMI will have co-chairmen -- Eric Nicoli, chairman and chief executive of EMI Group Plc, and Richard Parsons, president of Time Warner. Two weeks ago, America Online Inc. (NYSE:AOL - news) announced it plans to acquire Time Warner in a stock swap worth $163 billion. Presuming the AOL-Time Warner deal goes through, the combination of EMI's music arm and Warner Music Group creates ''a behemoth in terms of online music distribution,'' said one source. The source said talks between EMI and Time Warner were in the works before AOL announced its deal with Time Warner. ###

To: JDN who wrote (38132)	1/23/2000 4:58:00 PM
From: Sly_	Read Replies (1) \| Respond to of 41369

Mannesmann in content talks with AOL - FT... Saturday January 22, 6:15 am Eastern Time LONDON, Jan 22 (Reuters) - Germany's Mannesmann AG , fighting the world's biggest hostile bid from Vodafone AirTouch Plc (quote from Yahoo! UK & Ireland: VOD.L) of Britain, has been in contact with U.S. Internet giant AOL over content supply, the Financial Times said on Saturday. The paper said the early stage discussions coud lead to an agreement to deliver content from AOL (NYSE:AOL - news) over Mannesmann's mobile phone networks. But it quoted advisers saying that any such partnership was ''not a deal-maker or deal-breaker'' in the Mannesmann-Vodafone takeover battle. For Mannesmann Chief Executive Klaus Esser a content agreement with AOL would be a demonstration that the German company can develop alliances with some of the strongest brands on the Internet on its own. AOL is seen holding a pivotal position in the industry following its agreement this month to merge with Time Warner (NYSE:TWX - news). Vodafone, too, has been keen show it is staying ahead in the field of developing wireless data services, announcing on Friday a deal to carry financial and investment advice from Swiss bank UBS. Ten days earlier, Vodafone signed up nine top Internet technology and content providers in a bid to outshine Mannesmann and claim multimedia leadership among Europe's telecoms firms. The deadline for Vodafone's 146 billion euro bid is February 7 and both sides are travelling around Europe and the U.S. attempting to persuade investors, analysts and the media to back them. ###