-- As the gateway to the Internet, record labels see ISPs as a natural partner for music services. But nobody said it was going to be easy. Case in point: Indie label alliance Merlin has not reached an agreement with Virgin Media for the ISP’s upcoming music service. In an email to its members, Merlin said it was in “deep negotiations” but is not yet satisfied with the value of Virgin’s offer. Last week, a Virgin Media spokesperson said the service is “well progressed” but added it is “still working” on getting licensing deals with content owners. Universal Music Group signed on to Virgin’s service last year. No other labels have yet finalized licensing deals for the service. (Music Week)

-- Sirius XM has scheduled an April 29 hearing with the Nasdaq to seek time to get its stock price above $1 and thus avoid being delisted. Nasdaq requires companies to maintain a stock price over $1. Sirius XM was notified in September that its stock had been below $1 for 30 consecutive trading days. In late 2008, Sirius XM considered a reverse stock split, which would reduce the number of shares outstanding and, as a result, increase the price of each share. In May 2009, the company’s stockholders gave the board of directors the authority to utilize a reverse stock split at any time prior to June 30, 2010. (BusinessWeek.com)

-- The Shriners have sued Live Nation over the sale of the naming rights to the Murat Centre in Indianapolis to Old National Bank. (Indianapolis Business Journal)

-- A Chicago developer plans to raze the Tower Records building on Hollywood’s Sunset Strip and build a five-story office and retail structure. Preservationists are attempting to keep the Tower building for its cultural and historical significance (going back decades before it was occupied by Tower Records). Seems like it has been much longer than three and a half years since Tower Records announced it would close its stores’ doors. (Press release)

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