• Starbucks and Concord Music Group have formed a new record label, Hear Music, that will release titles for both internal and external distribution. Seems like odd timing given that company founder Howard Schultz has been worried about the chain's brand recently. (Billboard.biz)

• EMI has dismissed claims by UK download site Wippit that the Beatles catalog will soon be available online. (Irish Examiner)

• British retailer HMV issued a profit warning. The company plans to close unprofitable stores and refurbish others. Also in the mix is a social networking site, to be tied to its own website, for music and film fans. (BBC News)

• Sub Pop Records has founded a new label, Hardly Art. (Pitchfork)

• Warner Music Group looks to be hesitant to up its offer of 260p per share for EMI, an offer that is "subject to numerous assumptions and conditions." EMI doesn't want to give access to its books without a commitment of a higher offer. (Times Online)

• Primary Wave's first big Nirvana licensing deal after purchasing 50% of the catalog for $50 million? Inclusion on the Major League Baseball 2K7 video game for the track "Breed." (New York Post)

• Old news, but I'll mention it: Universal Music Group settled its lawsuit with online video site Bolt.com for a "multimillion payment for damages for past infringement." (Press release)