And the latest distress signal out of EMI?  According to a Sunday report from the Times of London, the label is now holding discussions with rival majors to outsource the marketing and distribution of its catalog.  The strange licensing plan would effectively grant the licensing rights on big-name catalogs in exchange for upfront fees. 

The Times estimates a payout of roughly 400 million pounds ($597.6 million) across the various deals.  That would help to avoid a default with lender Citigroup, whose loans are now bearing down on the label.

But which bands exactly?  The Beatles and Pink Floyd are two names being bandied about, though approvals could be tricky.  Pink Floyd, for example, is reportedly attempting to wriggle out of its EMI relationship; perhaps the latest discussions offer the perfect opportunity.  Outside of that situation, the initiative could require time-draining approvals from other parties, including those of both Citigroup and regulators.