Private equity group Terra Firma, months after buying music company EMI, has launched a strategic review of the company but plans to keep it intact, a spokesman said on Monday.

The spokesman, however, declined to give any further details about the review or comment on a report in the New York Post which said Terra Firma was looking to trim its equity stake in the British music company.

The report said Terra Firma, which agreed to buy EMI in May for 2.4 billion pounds ($4.9 billion), had met dozens of private equity firms, hedge funds and other institutions to try to recoup some of the $1.5 billion in equity it put into the company.

Sources told the newspaper that Terra Firma has not ruled out selling off EMI's physical distribution operation and farming out its packing and shipping functions as part of a cash-savings initiative.

It is also considering job cuts and tighter spending, the newspaper reported, citing sources familiar with the matter.

Last month, Terra Firma Chief Executive Guy Hands said he was determined to keep EMI's business intact and not sell its struggling recorded music division and the spokesman confirmed on Monday that this was still the case.

Analysts had previously speculated that Terra Firma could sell the EMI Music division to a trade buyer and keep the more reliable EMI Music Publishing unit.

EMI has struggled due to a poor release schedule this year and wider problems within the industry such as Internet piracy.