Time Warner Climbs
Time Warner (TWX ) rose on news that Sony (SNE ) finalized an agreement to merge its music business with Germany's Bertelsmann, making it the second-largest record label in the world. The deal ignited speculation of industry consolidation; last month, Time Warner signed an agreement to sell its Warner Music business to a group led by Edgar Bronfman Jr. for $2.6 billion. However, analysts says Time Warner's upbeat comments at a media conference earlier this week have been well-received.
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