Apple Inc (AAPL)

[fmikehugo]

05:31 AAPL Follow-up: EU launches antitrust probe into iTunes - AP (93.65 )

AP reports the European Commission confirmed Tuesday it had opened an antitrust probe into Apple's (AAPL) iTunes and the way it sells music online in coordination with major music companies. The commission alleged that distribution agreements Apple has signed with the record labels to sell their music on the iTunes online stores in EU countries ''contain territorial sales restrictions which violate'' EU competition rules. ''Consumers are thus restricted in their choice of where to buy music and consequently what music is available, and at what price,'' the Commission said in a statement. If found guilty of violating EU competition rules, Apple could face hefty fines, which in theory could total up to 10% of the co's worldwide annual turnover. (See 14:29 comment in yesterday's archive)