EMI Walks Out Of Talks With Rivals Sony, Universal

EMI has “abandoned” talks with Sony Music (SNE) and Universal Music Group (UMG) over licensing rights, the New York Times reports.As we told you yesterday, the struggling British music label was trying to secure cash before the end of its financial year (meaning, today) by selling off a load of rights. They have acts including Pink Floyd and OK Go in their library.

But if EMI can’t meet a test on a $2.6 billion loan from Citigroup, the company could seize EMI by June, the Times reports.

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