Warner Music has decided not to make a rival bid for EMI, the British music firm which is set to be bought out by a private equity group.
Warner, which had a previous bid rejected earlier this year, was given until Thursday by British regulators to decide whether to make a move.
EMI is backing a £2.4bn offer led by investment firm Terra Firma but reports suggest another bid may still emerge.
Plagued by worsening sales, EMI hopes a takeover will give it new impetus.
Warner said it reserved the right to reconsider its position should EMI receive another bid besides the Terra Firma offer.
Former EMI chief executive Jim Fifield has been linked with a bid for EMI and he has until Thursday to clarify his position.
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