• This just in: A European Union Court has annulled the European Commission's decision that allowed for the merger of Sony and BMG. The Commission will re-examine the case. From the court's decision: "The Commission did not demonstrate to the requisite legal standard either the non-existence of a collective dominant position before the concentration or the absence of a risk that such a position would be created as a result of the concentration." (Billboard.biz)

• The commission's decision burst a bubble for investors: EMI's share fell more than 8% after the court's decision due to worries that it could prevent a merger of EMI and Warner Music Group. (Irish Examiner)

• WMG shares fell more than 12% in early trading. (Reuters)

• The prognosticators at Hits are saying Now 22 could do 400,000 in its first week. That will be miles ahead of Pimp C and Thom Yorke, who are looking at the 100,000 range. (Hits Rumor Mill)

• Bad news for Digital Music Group: co-founder Peter Koulouris resigned to "pursue new opportunities." (Sacramento Business Journal)

• The payola settlements from Eilot Spitzer's investigations are making their way out of New York state's music funds. Almost 100 New York City programs have received millions of dollars. Two, Brooklyn Academy of Music and Carnegie Hall, received $750,000 each. (NewYorkBusiness.com)

• A profile on new Kansas City indie labels Wheatfield Group, Drama Club Records, Minnow Records, Curb Appeal Records, OxBlood Records and Range Life Records. Wheatfield is distributed in the U.S. by Fontana. (Kansas City Star)

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