AOL OFFERS TO SLIM DOWN TO PLEASE EUROPEAN UNION

In an effort to gain European Union approval for its purchase of Time Warner, America Online has offered to scale back some of its business. The European Commission, the executive arm of the EU, will decide by June 19 if it will approve AOL's $146 billion buyout or if it will subject it to the next stage of inquiry, which would give the Commission another four months to delve deeper. The Commission has until June 15 to make a similar decision in the related merger of Time Warner's music unit and EMI Group Plc.

EMI shareholders were sent a 220-page notification yesterday, informing them of a special general meeting to be held in London June 26 in which they will vote on approving the Warner EMI Music merger. And probably get a decent lunch, since the meeting is at the Meridien Waldorf Hotel. The booklet offered comments from EMI Group Chairman eric nicoli',390,400);">eric nicoli',390,400);">Eric Nicoli urging stockholders to approve the deal and what type of biscuit to have with their entree.

On this side of the pond, the Federal Communications Commission and Federal Trade Commission are closely examining each deal because of concerns over AOL's dominance and Time Warner's cable systems ownership. In Europe, AOL has more competition and Time Warner does not control any cable networks. Despite that, Europeans still get to see way more nudity than is shown on American television.