Media and Internet behemoth AOL TIME WARNER and Germany's VIVA MEDIA (18.9% of which is held by AOL TIME WARNER) are to set up a joint venture in order to reposition the music chain VIVA-2 and manage VIVA MEDIA's digital internet media, explained the two companies. The agreement specifies that AOL TIME WARNER will own 49% of the joint venture, and VIVA MEDIA 51%.