Tuesday, March 30, 2010

EMI music licensing talks falter with Sony

Reuters
EMI Group Ltd is struggling to reach a deal to license its catalogue of recordings, with Sony Corp on the verge of pulling out of discussions with the British music company, the Wall Street Journal reported on Tuesday.

The newspaper cited unnamed people familiar with the matter as saying that EMI needed to clinch a licensing deal by Wednesday in order to satisfy a covenant of a loan agreement with Citigroup Inc (C.N).

A cash advance from a music licensing group would help it meet that test, the newspaper said.

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