Is Sony Still In?

ON THE CLOCK: As reported earlier this morning, talks have collapsed between UMG and EMI Music over a licensing agreement for North and South America, a five-year, $300 million deal which would have helped the beleaguered company stave off a takeover by Citigroup. According to sources close to the negotiations, EMI could not guarantee that Citigroup would at some point over the next year or so come in and negate any agreement. “The company is leveraged to the hilt,” said a source about Terra Firma, insisting they’re “90% sure” that Sony Music remains in talks with EMI in an eleventh-hour attempt to make a deal before midnight. (3/31p)