Major label EMI is looking to raise cash and is considereing licensing its entire back catalog. They would let 'rival labels' have at the music to use under the licensing deal, in an innovative new way of allowing others to make compilations and music packages with EMI music, as reported by The Times Online over the weekend.

EMI boss Guy Hands is trying radical steps under pressure to make good on loans due to Citigroup, who helped the label with loans to avoid shutting down in 2007. If EMI doesn't make some quick cash-money (£150 million), Citigroup could takeover the label on June 14th.

EMI’s parent company Terra Firma estimates it can make £400 million from the licensing, which would fend off a takeover deal by Citigroup, who is owed an awful lot of money by EMI. Watch this one closely, it's going to be a roller coaster of a ride for the next few months.