The big question: Warners has been ruled out, so what's next for EMI?

Now that EMI has announced that it will not be pursuing a takeover of Warner for the time being, what next for EMI?

Steve Morton, Union

"EMI is a great British company that should carry on being just that. Mergers and takeovers are always great for the company balance sheet and bonuses for people at the very top and lousy for employees. They should forget the merger. With the assets they have, I've always been surprised no move has been made into TV production or channels. Also with labels being the core to all revenue streams within music, I'm sure they will start making moves into getting a bigger part of the pie from other areas, as they have with the Robbie deal."

Paul Richards, Numis Securities

"It is the end of the deal for now, but it depends on what comes out of the Sony BMG ruling. The court said they were unhappy with the process of their merger. If they allow the merger to continue that would open the door to the EMI Warner deal. If they suggest significant remedies are applied, that would stop it."

Anthony de Larrinaga, SC Securities

"I think we should get a decision from the Commission in four months, but again this could be tied back ...