Universal Music are close to purchasing competitor EMI for an estimated $1.5 Billion, if it goes ahead, it would see acts such as Coldplay, Lily Allen and The Beatles under the ownership of Universal Music Group, who is currently the world's largest Music Publishing Company.

Universal Music are the only bidders left to purchase EMI after Warner Music dropped out of the deal, sources have said that Warner dropping out was due to them only offering $1.2 Billion for EMI.

Launched in 1931, EMI was taken over by Citigroup in February 2011 after EMI announced pre-tax losses for March 2009 of $2.75 Billion, Citigroup are reportedly looking for between $1.7 Billion and $1.9 Billion for EMI.

A deal is expected to be concluded by the weekend.

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