As reported on musicweek.com, this week saw the KKR-backed publisher present a second bid of between $2.8 (?1.7bn) and $3bn (?1.9bn) for the entire company to Warner's sale advisor Goldman Sachs. However sources told Music Week its offer was still far lower than others received by the firm.

"They had to beg themselves back into the second round of bidding but they just haven't been good enough," said one source.

"Warner has received a number of bids for more than ...