The $163 billion marriage of America Online Inc. and Time Warner Inc. has taken on added significance thanks to the merger proposal between Time Warner and Britain's largest recorded music company. Time Warner will pay stock worth $1.3 billion to shareholders of EMI Group PLC, to create a 50-50 joint venture called Warner EMI Music. If regulators approve, the new company will control about one-fifth of the recorded music market worldwide, making it the largest of all record companies...

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