Deal could be for as much as $125 million.

Britain's EMI Group is in advanced discussions to purchase independent record company Wind-Up Records for as much as $125 million in cash and shares, according to the New York Post on Wednesday, citing an unnamed source.

EMI shares were up 1.8 percent to 251 1/4 pence at 1044 GMT.

A spokesperson for EMI, the world's third-largest record company with an artist roster that includes The Rolling Stones, Radiohead, Lenny Kravitz, Robbie Williams and Norah Jones, declined to comment on the report.

New York-based Wind-Up Records, home to Evanescence and Creed could not immediately be reached.