Sony and BMG poised to make joint Parlophone bid

The battle to control the British record label Parlophone, home of Coldplay, the Pet Shop Boys and Tinie Tempah, is hotting up, with Sony and BMG reported to be planning a joint bid.

Universal Music has been ordered by regulators to sell Parlophone after last year's £1.1bn takeover of its parent company, EMI.

Sony and BMG had a joint venture which ended four years ago.

Universal has named Briton Max Hole as its international chairman and chief executive, in effect its global number two.