EU RELAXES RULES

Media companies looking to merge with other entities with operations in Europe got a boost Wednesday as the European Union's rules on company mergers underwent their biggest reform in more than a decade, according to a report in The Hollywood Reporter.

The European Commission announced new guidelines on mergers between competitors, a streamlined investigation process and the new post of a chief competition economist.

You’ll recall the European Commission played a major role in halting the proposed mergers of both Warner Music Group and EMI, and BMG and EMI.

The new moves, seen as more merger-friendly, could prove vital for media firms hoping to consolidate their positions in the changing European markets

The reforms come at a time when the commission's confidence on antitrust matters is at a low, the Hollywood Reporter says. The new rules should ensure that the EU's merger investigations run more smoothly and that overstretched investigating officials are better prepared for their challenges of dealing with multibillion-dollar multinational cases.

The EC is still headed up by Mario Monti.