Several news sources reported Saturday, January 22, that Time Warner
is close to completing a merger with EMI Recorded Music
. The combined company will be worth an estimated $20 billion, making it the world's second-largest music conglomerate, exceeded in size and scope only by Seagram Ltd.'s Universal Music
. News of the deal came less than a week after the announcement of an impending merger
between America Online, the world’s largest Internet service provider, with Time Warner, one of the world's largest media conglomerates.