Simon Fuller, the British entrepreneur who gave us The Spice Girls and American Idol, is reportedly putting together a bid to acquire much of EMI's European assets that must be sold off as a concession to regulators, following approval of Universal Music Group's purchase of the label. Sources tell The Independent that Fuller is assembling a bid to buy the 60 percent of EMI's businesses in Europe that will up for sale, including the coveted Parlophone label.

The paper reports that Fuller will be joined in his bid by Chris Blackwell, founder of Island Records, as well as private financiers and "a leading mobile telecommunications company." A spokesperson told The Independent that Fuller's company XIX Entertainment "is a growing company and we'd always be interested in new opportunities in music as they arise. With Simon's track record over 25 years as Britain's most successful music manager we hope his interest in EMI would carry the support of the industry."

According to The Independent, Fuller also hopes to re-launch the NOW! series of compilations as a weekly TV and Web series, with artists performing their latest hits.