Short Take: EMI inks Net radio deal

Britain's EMI Group said it will pair with U.S. interactive audio company RadioWave.com to produce Internet radio channels. Under the nonexclusive agreement, RadioWave will develop Net radio channels providing music, biographies and discographies for EMI's stable of artists with links to music retailers. RadioWave, which is majority owned by Motorola, also said it has secured $20.5 million in a first round of private financing led by U.S. house Warburg Pincus Equity Partners.