A collection of major music labels are reportedly set to consider assembling a rescue package for struggling high street retailer HMV. The Sunday Times has reported that Universal Music, Warner Music and Sony will drastically cut the price of CDs and DVDs, as well as giving the chain very favourable credit terms, to assist a return to solvency for the company since it fell into administration earlier this month. It seems that, for now at least, this may only affect HMV's UK stores.

Why would the labels do this, you might ask? Well, we'd like to think that it's out of the goodness of their collective music-lovin' hearts but the reality of the situation is that the labels fear the consequences of how they'd shift their units without the help of a major chain of high street retailers, such as HMV, to do it for them. Otherwise, supermarket chain Tesco, who traditionally undercut high street prices, and online retailer Amazon would have a stranglehold of CD and DVD sales in Ireland and the UK.

Video game retailers Game are said to be one of around 50 chains considering launching an interest in taking over HMV, whose administrator has said that a number of parties are currently interested.

Meanwhile, the family of Lily-Mae Morrison have spoken of their delight at the news that HMV will honour invoices for a charity fundraising single for their daughter. 'Tiny Dancer', a cover of the Elton John song, was released to raise funds for Lily-Mae, who suffers from stage four Neuroblastoma. It had previously been reported that HMVs financial woes may have meant that all funds raised by the charity single would have been assumed by the company's administrators.