Universal Music Group to compete with iTunes: The world’s most powerful music executive aims to join forces with other record companies to launch an industry-owned subscription service. Universal CEO Doug Morris is in talks with Sony BMG Music and Warner Music Group as potential partners. Together the three would control about 75% of the music sold in the U.S. The goal is to get hardware makers or cell carriers to absorb the cost of a roughly $5-per-month subscription fee so consumers get a device with all-you-can-eat music that’s free. Music companies would collect the subscription fee, while hardware makers theoretically would move many more players. (Business Week)

‘She’s All Yours’: Warner Music passed along a report from a Bank of America subsidiary explaining why the material girl is no longer worth a nine-digit payday. The big risk it to overpay for an artist that does not seem to be generating the revenue to support the contract being discussed. Madonna will turn 60 years old in the last year of the proposed deal, it is “fantastic” for her but does not “make economic sense” for WMG. Lastly, her loss will not meaningfully impact Warner’s near-term sales. (Variety)

Platinum selling nineties band Sponge has signed with Icon Entertainment.

Los Angeles based indie act The Sound Of Animals Fighting signed to Epitaph