UMG Reports It's Paid $205 Million For Sanctuary
June 19, 2007 at 5:45 AM (PT)
UNIVERSAL MUSIC GROUP says it has bought SANCTUARY GROUP for $205 million. The purchase puts UMG into the artist management business for the first time. Key for UNIVERSAL was acquisition of SANCTUARY's merchandising and live agency businesses, VARIETY reported MONDAY.
"The SANCTUARY business will be a good strategic fit for us," UMG Chairman/CEO DOUG MORRIS said. "We have a great opportunity to strengthen and advance SANCTUARY's position as a significant player in artist management, agency and merchandising, as consumers' appetite for music grows worldwide."
We have a great opportunity to strengthen and advance Sanctuary's position as a significant player in artist management, agency and merchandising, as consumers' appetite for music grows worldwide.
SANCTUARY chairman ROBERT AYLING said the deal would "allow the SANCTUARY business to benefit from the already well-established relationships between SANCTUARY and UNIVERSAL and from a more supportive capital structure, which is in the future interests of artists and employees."
The transaction must be approved by competition authorities.
Among SANCTUARY's management client are JAMES BLUNT, THE WHO, ROBERT PLANT, ZZ TOP, SLIPKNOT, FLEETWOOD MAC, JANE'S ADDICTION, TOMMY LEE and ELTON JOHN. The company books tours for more than 200 acts.