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AOL Timer Warner, BMG, EMI Form Online Venture

AOL Time Warner, Bertelsmann and EMI Group will form an online venture wiith RealNetworks, the major provider of streaming media software on the Internet. The music will be made available on a subscription basis over the web. The three entities will each take a minority stake in the new MusicNet venture, while their music divisions — Warner Music, BMG and EMI – will license their music on a non-exclusive basis.

RealNetworks will provide its media delivery technology for MusicNet, which will operate as a separate company and also have a minority stake. The service would be made available to other distributorrs, including Napster, provided such outlets satisfy legal, copyright and security concerns.