Some of the world's biggest companies such as Disney and Rupert Murdoch's News Corporation are rumoured to be among those eyeing up EMI, the company which owns the lion's share of Britain's pop heritage.

The company is one of the biggest music publishers in the world and has a back catalogue featuring everyone from The Beatles to The Verve and Radiohead.

Earlier this month the Canadian drinks-to-entertainment group Seagram had talks with EMI but in the end bought rivals PolyGram for £10bn.

Venture capitalist Kirk Kerkorian is one of those said to be considering making bids for the company, which has a track record for signing the cream of British music.

The Spice Girls have sold 30m albums

Such a takeover would be the musical equivalent of selling Rolls-Royce or Rover and would cut the link with decades of British pop and rock history.

The Spice Girls, currently fighting off rumours of a split, are the latest in a long line of chart-topping bands EMI have had on their books.

The company dates back to 1897. It began using the name His Master's Voice (HMV) and the famous terrier and trumpet logo in 1910.

After a series of mergers and takeovers the company grew to become Electrical & Musical Industries (EMI).

Lost ground to Decca and CBS

After the Second World War EMI lost out to Decca and CBS, who were quicker to realise the potential of the 45rpm single.

Its fortunes were restored in 1954 when Joseph Lockwood took over and bought Capitol Records, which brought with it a string of Frank Sinatra, Dean Martin and Nat 'King' Cole recordings.

The value of the Sinatra back catalogue grew with the singer's death in May 1998.

In 1962 EMI signed a little-known Liverpool band called...The Beatles. The rest is history.

The Beatles set up their own Apple label but many of their early hits were on EMI

EMI's golden era also saw chart success for Cilla Black, The Hollies, Gerry & The Pacemakers, The Beach Boys, The Yardbirds amd Manfred Mann.

Dominated charts in 1960s

In 1963/4 EMI artists held the number one spot in the UK for 76 out of 104 weeks.

But in the 1970s the board took its eye off the ball by diversifying into electronics and the leisure industry.

Despite hits from Queen, Cliff Richard and Cockney Rebel the company was floundering.

In 1976 Lockwood spurned a golden opportunity.

The Sex Pistols hit back after EMI sacked them

He had signed punk rockers The Sex Pistols a few months earlier but their controversial antics drew adverse publicity and he cancelled their contract.

EMI was forced to pay the band £75,000 - a considerable sum in the 1970s - and Johnny Rotten, Sid Vicious et al promptly went and signed for the Virgin label.

The Pistols sold thousands of records and helped to kick-start Richard Branson's career.

Ridiculed by punk rockers

They even wrote a song about the affair - entitled simply EMI - and further ridiculed the firm's management in their movie The Great Rock 'n' Roll Swindle.

In 1979 the ailing EMI was taken over by the electronics group Thorn but it was an uneasy alliance with executives on the music side claiming they were forced to play second fiddle.

David Bowie brought success to EMI in the 1970s and 1980s

The 1980s saw chart success for Duran Duran, Pink Floyd, Kate Bush, David Bowie and the Pet Shop Boys.

In 1988 American Jim Fifield took over at the helm and bought the Chrysalis and Roulette labels.

Stateside there were big hits for MC Hammer, Wilson Phillips and Garth Brooks, whose most recent album sold six million copies in its first five months.

Britpop bandwagon

In the UK the firm got on the Britpop bandwagon early with a deal with the Food label, which had Blur and Jesus Jones on its books.

In March 1992 EMI increased their share of the global music market to 14% with the acquisition of Virgin for £510m.

The purchase brought into the stable the Rolling Stones, Phil Collins and U2 among others.

EMI's A&R men - who can make or break a band's career - still know how to pick a winner.

Frank Sinatra's Capitol recordings are part of EMI's valuable back catalogue

In the last few years they have unearthed Chumbawumba, Radiohead and The Verve, who are threatening to take over Oasis' mantle as the kings of Britpop.

Unprecedented achievement

EMI's biggest coup has been the success of The Spice Girls, a blatantly "manufactured" group whose first six singles were back-to-back number ones - an unprecedented achievement.

But it is EMI's back catalogue which is its most valuable asset.

Every year the catalogue - recordings which are more than 12 months old - brings in more revenue than EMI's 20 best-selling albums of the year.

In 1997 the electronics arm of Thorn EMI was demerged leaving the chairman, Sir Colin Southgate, to concentrate on the music empire.

Music industry pundit Jonathan King says Sir Colin is a music buff who knows the true value of the company and will not sell lightly.