The organisation also underlined the importance of recognising the value of music and working with the independent sector, after Access announced it had bought Warner Music Group Corp for £2bn ($3.3bn).

IMPALA executive chair Helen Smith said Access Industries' investment recognised the value of Warner's catalogues but noted that if the private equity company now decided to purchase EMI, it would hit a regulatory brick wall.

"Any attempt to combine EMI with Warner would similarly be blocked unless there are ...