Merger rumours circulated last week that Warner Music, which announced losses of nearly £100m for the year, was readying a $750m (?470m) bid for EMI's recorded music division.

Speaking a week after Terra Firma's failed court case against Citigroup, Bronfman did little to quell the speculation. He told investors and media gathered for his company's annual results that, "We have all been reading what happened with the court case. When we have something to announce - if we have something ...