British-based music group EMI Group said today it was in non-exclusive talks with media giant AOL Time Warner about a deal involving the US firm's recorded music business.
"Discussions are at a very preliminary stage and there is no assurance that they will result in an agreement acceptable to both parties," EMI said, confirming earlier reports that EMI had approached AOL Time Warner.
The US media giant has decided to explore a $1.5 billion plus bid from EMI after struggling to wrap up a deal with German rival Bertelsmann, sources told Reuters. Talks with Bertelsmann are also ongoing.
