More than 288 independent record labels are threatening to boycott MTV Europe, after the channel cut the amount of cash they give them in a new deal.

If not sorted, it means the videos of acts like White Stripes, Craig David and So Solid Crew, might not be shown.

A statement from the labels said, "We value MTV. We wish they would value us in the same way."

On Wednesday, after a press conference about the row, MTV said it was eager to try to negotiate again with the companies.

"The meeting is going to happen very, very quickly," said an MTV spokeswoman.

"We are going back to the negotiating table and hope we can come to a happy conclusion."

It could get really embarrassing for MTV, as Ozzy Osbourne, whose show is on MTV, belongs to a label involved in the row.