BMG is reportedly teaming with its former label partner Sony to make a bid for the British label Parlophone, as part of UMG's continued sell-off of many of EMI's labels. Of course, Sony and BMG were split apart four years ago. The Financial Times reported over the weekend that the two companies are aiming to make a play for Parlophone, but there are a dozen possible bidders in the mix.

Parlophone is the largest of EMI's former labels in Britain and is the British label home for Coldplay, Blur, Gorillaz and Kylie Minogue, among many others.  If BMG and Sony successfully acquire Parlophone, the FT reports the two companies will split Parlophone's assets and not form a new joint venture together.

According to the Financial Times, other interested bidders include Warner Music Group, Ron Perelman's investment firm MacAndrews & Forbes and a joint offer from Simon Fuller, Chris Blackwell and RIT Capital Partners.