EMI, the global music group whose artists include Coldplay and Robbie Williams, could put its recorded music division up for sale to guard against a possible takeover after issuing its second profit warning in four weeks. 

According to the Guardian newspaper, the company is looking at either a sale of the recorded music division or a refinancing of its publishing business which would see the company borrow up to £1bn.

A number of private equity companies are thought to be preparing bids for EMI, and Warner Music is also tipped to be working on a new offer for the group after its most recent merger attempt failed. 

EMI announced last week that full year results to March 2007 would be likely to show sales within the recorded music division fall by 15%. It had previously predicted a fall of between 6% and 10%.