Major labels to merge?

NEW YORK (Tech News magazine) - If all goes as planned, the world's five major record labels will merge into three in the coming weeks or months.
Banks are putting the final touches to a funding package of up to $1 billion to pay for EMI Group's bid for Time Warner's music arm, reports Reuters.

At the same time, BMG and Sony Music have forged a preliminary deal to merge into one label. An EMI-Warner deal would create a music giant second only to Universal.
A BMG/Sony merger would become third in the global market share. Earlier attempts to merge the world's top five music labels has been challenged by competition watchdogs.