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Equity firm buys HMV's debt

A Canadian private equity firm has bought the debt of struggling music retailer HMV.

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Music and film giants support HMV rescue deal

Entertainment powerhouses Universal Music, Warner Music and Sony are reportedly planning to woo would-be buyers to HMV with generous credit terms and cut-price CDs and DVDs.

The companies fear the collapse of the retailer will increase pressure on the entertainment industries as supermarkets and online firms such as Amazon compete to slash prices, The Sunday Times (£) reported.

Turnaround group Hilco - which owns HMV Canada - is thought to be among the favourites to rescue the 92-year-old retailer and is said to have been in talks with administrators Deloitte.

More than 4,120 jobs and 223 stores are currently at risk after the retailers called in administrators last week.

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