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Universal agrees to buy Sanctuary
Universal Music Group has agreed to buy struggling British rival Sanctuary for £44.5 million.
Universal unit Centenary Music Holdings said today it had offered 20 pence per share for Sanctuary, which manages artists James Blunt and Elton John and markets merchandise for over-30 big-name acts including Oasis and The Who.
It also handles live events for over 350 artists including Avril Lavigne, Amy Winehouse and James Morrison.
Artist management, live booking and merchandising is a growth area within the industry, and the acquisition will help diversify Universal's revenues, already the world's largest music group by sales.
Analysts at Citigroup said Universal owner Vivendi could now be in a position to roll the music artist management service out more fully.
