It's the hottest topic in the music business: Universal has offered independent labels first refusal on buying €250m-worth of assets - including Virgin Records, EMI Classics, Co-Op and Sanctuary Records.

The chance to purchase these divestments - made up of €150m in owned repertoire and €100m in licence, compilation and distribution rights - have been offered to IMPALA members by Universal boss Lucian Grainge. He wants just one crucial thing in return: the public backing of his company's proposed £1.2bn ...