UNIVERSAL To Buy SANCTUARY For $88 Million

June 15, 2007

According to Reuters, Universal Music Group has agreed to buy struggling British rival Sanctuary for 44.5 million pounds ($88 million) to develop its merchandising, live agency and artist management businesses.

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.

"The Sanctuary business will be a good strategic fit for us," Doug Morris, chairman and chief executive of Universal said. "The union with Universal's global strength and leadership will further develop Sanctuary and its talent on the international music stage."

Sanctuary formed when Rod Smallwood met Andy Taylor at Cambridge University in the late 1970s and they started working together to manage up-and-coming heavy metal group IRON MAIDEN.

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