EMI Group and Universal Music Group resumed licensing talks that may help EMI stave off default and give its rival rights to artists including the Beatles, according to a person with knowledge of the situation.

The negotiations resumed in the past 24 hours and may lead to Universal paying EMI as much as $300 million over five years, said the person, who declined to be identified because the talks are private.

Universal would gain rights to distribute EMI’s catalog in North America, the person said, adding artists including Coldplay and Norah Jones.

Terra Firma Capital Partners Ltd., a private equity firm led by Guy Hands, bought EMI for $6 billion in 2007 and faces a lender test today.

If the London-based company defaults, Citigroup Inc., the holder of its 2.5 billion pound debt, may take control.

EMI lost $2.4 billion for the year ended in March 2009.