July 18, 2007 10:11

Warners say no to EMI takeover

Beatles record label not to be taken over by label giant

Photo Gallery: The Beatles
Photo: Pa Photos

Warner Music Group has said it won't bid for The Beatles' record label EMI.

The label confirmed this, despite recent claims that it was considering making an offer.

However Warner, whose artists include Madonna and REM, believes it can still bid or participate in a proposal for London-based EMI in the next six months, the New York based music company said today (July 18) in a statement.

Warner is looking for additional revenue as illegal file-swapping of digital recording reduces sales of compact discs. Also album sales have been falling, particularly in the US, where they fell 15 percent in the first half of 2007 from the same period last year.

EMI recommended a 2.4 billion pound buy out offer from Terra Firma Capital Partners Ltd in May.

Warner Music Group declined to elaborate beyond the company’s statement and EMI refused to comment, reports BBC 6 Music.