EMI shares are up a few clicks as market speculation surrounds today's planned news announcement with Apple.

Apple and EMI yesterday invited the media to a special announcement today at 1pm. Apple CEO Steve Jobs will join EMI chief Eric Nicoli to make the announcement.

EMI last week rejected a potential $4.1 billion buyout bid from Warner Music, calling the deal proposed "inadequate" and warning of regulatory uncertainty.

While early reports on the EMI/Apple announcement focused on the notion that music from the Beatles would be made available through iTunes, sources at both companies have warned that this will not be the substance of today's event.

The Wall Street Journal this morning reports that EMI and Apple will announce plans to sell music through iTunes free of DRM.

All will be revealed at 1pm this afternoon.