Every day this week has brought new speculation about EMI’s talks to license its catalogue to another major label in the US – so separating fact from hardball negotiating tactics is tricky. Still, there’s a raft of reports this morning suggesting that talks have indeed broken down between EMI and both UMG and Sony Music. “The talks were called off at lunchtime yesterday,” a source tells the Telegraph. “The deal had its merits, but [executive chairman] Charles Allen was not prepared to accept it at any price.” The upshot is that EMI may have to go back to its investors to ask for a £120 million injection to meet its banking covenants with Citigroup, or risk the bank taking control and selling off the company.

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