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It's been a rumor for a long time but most people thought it wouldn't happen because this merger is almost explicitly prohibited by law and regulation (they were essentially granted a duopoly with protections against any other entrants into the market but at least this much competition was considered necessary).
But they've announced their plans to try anyway, with hopes of success hinging on a new interpretation of the market in which they compete (saying not "we compete with each other" but "we compete with every means of listening to music in existence."
Even combined they are nowhere near profitable for another 5 years or so (until the existing monstrous contracts start to expire).
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