The number of major record labels seems set to drop to a mere three, as EMI has failed to make a deal for North American distribution rights with either Universal or Sony. Updated
As I wrote about extensively here, EMI is doing very, very badly, and things have just been getting worse for them. They had hoped to get themselves out of immediate danger of being broken up or sold by making a five-year deal with either Sony or Universal worth about $304 million. They couldn't pull it off.