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British record label EMI has confirmed it has received an approach from New York-based rival Warner Music Group (WMG).

The pair makes up half of the major four record labels which dominate global recording with Universal and Sony BMG the other big players.

However EMI, who has artists such as Lily Allen, the Rolling Stones and Kylie Minogue, was quick to assert that no proposals had been made yet.

A statement from EMI reads: "There is no proposal currently for the EMI board to consider. There can be no certainty that this approach will lead to any proposal or offer being made for the company."

WMG, who has some of the world's biggest recording artists such Madonna, Green Day and the Red Hot Chili Peppers, made the approach after EMI revealed it expected a decline in profits.

The Valentine's day message from EMI warned "it now expects the division’s revenue for the period to decline by around 15 per cent at constant currency compared to the prior year, based on its current assumptions for the music market".

One month earlier, EMI announced profits below expectations due to "weak market conditions".