Major record labels have got together to offer a rescue package for the HMV chain which recently went into administration.
HMV Pitt St Sydney
A report in The Sunday Times suggests that Universal Music, Warner Music and Sony are set to cut the price of CDs and DVDs with HMV getting favourable credit terms to help it through its current crisis.
It seems that Universal and Warner are eager to structure a deal in order to keep HMV and stop cut-throat pricing from supermarkets and online stores.
“They don’t want their only choice to be Tesco or Amazon,” said a source.
The video games retailer Game had expressed an initial interest in buying HMV. Fifty expressions of interest have been taken hoping to save the 4,000 jobs currently at risk.
