Universal Music, Warner Music and Sony are reportedly set to discount the price of CDs and DVDs for HMV and offer the retailer generous credit terms in an attempt to rescue it from going out of business.
Industry sources say the major labels are desperate to keep the High Street chain alive to avoid cut-throat pricing by supermarkets and internet distributors.
Film giants, including 20th Century Fox, Universal Studios and Warner Bros, are also said to be involved.
HMV was plunged into administration last week, which some predicted would mean the end of the 92-year-old High Street retailer. However, according to the FT, administrator Deloitte has already received around '50 expressions of interest' in a possible sale.