Reportedly, EMI has gone on the record as saying that they would like to see the deal happen, but they continue to spin the wheels. It is a pretty safe bet to think that this has something to do with a money grab.
Frankly, I think this just goes to show the increasing irrelevancy of the big record companies. They’re not really providing any service here. Instead, they are hindering the band, the fans, and iTunes. They continue to grab on tighter as the music industry slips through their fingers.