Document:

EXHIBIT 10.1

THIS AGREEMENT is made on 5 October 2000

AMONG

(1)  EMI GROUP PLC, a company incorporated under the laws of England and Wales
     (EMI);

(2)  TIME WARNER INC. a company organized under the laws of the United States
     (TWI).

WHEREAS

(A)       EMI and TWI entered into a Restated Combination Agreement dated as
of January 23, 2000 (the Combination Agreement) to effect the combination of
their respective music businesses (the Combination).

(B)       The Combination Agreement provides that a condition to be satisfied
or waived prior to closing the Combination Agreement is that the European
Commission shall have adopted a decision clearing the Combination.

NOW, THEREFORE, in consideration of the agreements contained herein, the
Parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE 1 - TERMINATION OF  THE COMBINATION AGREEMENT

1.1      EMI and TWI agree that the Combination Agreement is hereby
terminated and EMI and TWI agree to withdraw the notification on Form CO
submitted in connection therewith under Council Regulation No 4069/89/EEC on 5
May 2000 which relates to the Combination.

ARTICLE 2 - GENERAL

2.1      Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, regardless of the laws
that might otherwise govern under applicable principles of conflicts of laws
thereof; provided, however, that the laws of the respective jurisdictions of
incorporation of each of the parties hereto shall govern the relative rights,
obligations, powers, duties and other internal affairs of such party and its
board of directors.

2.2      Enforcement. Each party hereby consents to the exclusive
jurisdiction of (i) the United States Federal courts located in the State of
New York with respect to disputes arising out of this Agreement in actions
brought against TWI and (ii) the High Court of England with respect to
disputes arising out of this Agreement in actions brought against EMI. There
are not any intended third-party beneficiaries of any provision of this
Agreement.

2.3      Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each
of the parties and delivered to the other parties.

2.4      Waiver of jury trial. Each of the parties hereto hereby irrevocably
waives any and all rights to trial by jury in any legal proceeding arising out
of or related to this agreement.

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IN WITNESS WHEREOF, the undersigned have each executed and delivered this
agreement as of the date first above written.

                                                                5 October 2000

/s/ Eric L. Nicoli                                 /s/ Spencer B. Hays
-------------------------                          -------------------------
for and on behalf of                               for and on behalf of
EMI Group plc                                      Time Warner Inc.EXHIBIT 10.2

                               Time Warner Inc.
                             75 Rockefeller Plaza
                              New York, NY 10019

                                                               October 5, 2000

EMI Group plc
4 Tenterden Street
London W1A 28Y
ENGLAND

                        Restated Combination Agreement

Dear Sirs:

          We refer to the Restated Combination Agreement (the "Combination
Agreement") dated as of January 23, 2000, between Time Warner Inc. ("TWI") and
EMI Group plc ("EMI") relating to the proposed combination of the Warner Music
Group and the EMI Music Group. This letter agreement reflects the agreement
between TWI and EMI as follows:

1.       Termination of Combination Agreement. TWI and EMI hereby agree that
         the effect of the termination of the Combination Agreement pursuant
         to the agreement between the parties dated today will be as set forth
         in Section 7.03 of the Combination Agreement.

2.       Exclusivity. (a) Prior to January 31, 2001, EMI will not, nor will it
         permit any of its officers, directors, employees, advisors or
         representatives to (i) solicit, initiate or knowingly encourage the
         submission of or (ii) take any other action to knowingly encourage,
         any inquiries or the making of any proposal regarding the acquisition
         by a third party of any equity securities of EMI (other than options
         issued in the ordinary course of business) or greater than 30% of the
         consolidated total assets of EMI; provided, however, that this
         paragraph shall not prohibit EMI from (i) responding to any
         unsolicited requests, inquiries or proposals that it may receive from
         any third party, providing confidential information to such third
         parties, negotiating, entering into or performing definitive
         agreements with such third parties or recommending a transaction with
         such third party to its shareholders, (ii) carrying out its
         obligations under applicable law or rules, the English Takeover Code
         and the rules of any applicable securities exchange or (iii) ordinary
         course discussions with the investment

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         community. EMI will notify TWI immediately upon the receipt of a
         Competing EMI Proposal (as defined below) (including the material
         terms thereof and the identity of the Person making such Competing
         EMI Proposal), upon any determination by EMI to engage in discussions
         with such Person and of any change to the material terms of such
         Competing EMI Proposal and will keep TWI generally informed of the
         status of such Competing EMI Proposal; provided, however, that any
         such notification by EMI will be kept in strict confidence by TWI.

               (b) Prior to January 31, 2001, TWI will not, nor will it permit
          any of its officers, directors, employees, advisors or
          representatives to (i) solicit, initiate or knowingly encourage the
          submission of or (ii) take any other action to knowingly encourage,
          any inquiries or the making of any proposal regarding the
          acquisition by a third party of greater than 30% of the consolidated
          total assets of the Warner Music Business; provided, however, that
          this paragraph shall not prohibit TWI from (i) responding to any
          unsolicited requests, inquiries or proposals that it may receive
          from any third party, (ii) carrying out its obligations under
          applicable law or rules, and the rules of any applicable securities
          exchange or (iii) ordinary course discussions with the investment
          community. TWI will notify EMI immediately upon the receipt of a
          Competing Warner Proposal (as defined below) (including the material
          terms thereof and the identity of the Person making such Competing
          Warner Proposal), upon any determination by TWI to engage in
          discussions with such Person and of any change to the initial terms
          of such Competing Warner Proposal; provided, however, that any such
          notification by TWI shall be kept in strict confidence by EMI.

               (c) In this letter agreement:

               A "Change of Control" of EMI means (1) any person or group of
          persons acting in concert owning 30% or more of EMI's voting rights,
          (2) more than one-third of the members of the EMI board being
          "subject directors". For purposes of this definition, a "subject
          director" of EMI is a person (A) who was originally nominated or
          designated for election as a director, directly or indirectly, by a
          shareholder, or group of shareholders acting in concert, of EMI or
          (B) whose original election to the EMI board (either by the EMI
          board or EMI's shareholders) took place when there were other
          subject directors and whose original election was not approved by
          all the then directors of EMI who were not

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         subject directors or (3) any winding-up or other insolvency or
         administration of EMI. For the avoidance of doubt, a reorganization
         of EMI that does not result in a change in the board of directors of
         EMI or the shareholders of EMI shall not be a Change of Control of
         EMI.

               "Competing EMI Proposal" means any bona fide publicly announced
          proposal from a third party unaffiliated with TWI relating to either
          (a) a transaction that, if consummated, would constitute a Change of
          Control of EMI or (b) the issuance by EMI of equity securities
          equivalent to over 30% of its equity securities as consideration for
          the purchase of assets or securities of any person.

               "Competing Warner Proposal" means any bona fide publicly
          announced proposal from a third party unaffiliated with EMI relating
          to the proposed acquisition of greater than 30% of the consolidated
          total assets of the Warner Music Business.

3.       Publicity. TWI and EMI will consult with each other before issuing
         any press release or making any public statement or filing with
         respect to the Combination Agreement, this letter agreement or the
         possible combination of Warner Music Group and EMI Music Group and,
         except as may be required by applicable law or any listing agreement
         with, or the listing rules of, any securities exchange or other
         applicable regulatory body, will not issue any such press release or
         make any such public statement or filing prior to such consultation.

4.       Governing Law. This letter agreement shall be governed by, and
         construed in accordance with, the laws of the State of New York,
         regardless of the laws that might otherwise govern under applicable
         principles of conflicts of laws thereof; provided, however, that the
         laws of the respective jurisdictions of incorporation of each of the
         parties hereto shall govern the relative rights, obligations, powers,
         duties and other internal affairs of such party and its board of
         directors.

5.       Enforcement. Each party hereby consents to the exclusive jurisdiction
         of (i) the United States Federal courts located in the State of New
         York with respect to disputes arising out of this letter agreement in
         actions brought against TWI and (ii) the High Court of England with
         respect to disputes arising out of this letter agreement in actions
         brought against EMI. There

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         are not any intended third-party beneficiaries of any provision of
         this letter agreement.

6.       Counterparts. This letter agreement may be executed in one or more
         counterparts, all of which shall be considered one and the same
         agreement and shall become effective when one or more counterparts
         have been signed by each of the parties and delivered to the other
         parties.

7.       Waiver of jury trial. Each of the parties hereto hereby irrevocably
         waives any and all rights to trial by jury in any legal proceeding
         arising out of or related to this letter agreement.

         Please confirm your agreement with the foregoing by signing and
returning the duplicate copy of this letter agreement.

                                           Very truly yours,

                                           Time Warner Inc.

                                           By: /s/ Spencer B. Hays
                                               -------------------------
                                               Name:  Spencer B. Hays
                                               Title: Vice President

Accepted and Agreed to
as of the date first written
above.

EMI Group plc

By: /s/ Eric L. Nicoli
    ------------------------
    Name:  Eric L. Nicoli
    Title: Chairman

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