The Sanctuary label - home to the likes of Happy Mondays and Idlewild - has been bought by Universal following months of rumour tossing and gossip mongering.
The price: £44.5m. Which seems a lot, but when you consider Sanctuary's home back catalogue and recording studios, it's alright innit. Universal are particularly interested in the company's management and live agency divisions. Sanctuary's chairman Robert Ayling commented:
"The past few years have proved to be a very difficult time for Sanctuary and a very disappointing one for its shareholders. This acquisition... can 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."
In not-really related news, Idlewild (pictured) release a new single next week. 'A Ghost In The Arcade' is out on June 18.
Hahahaa
Oh dear Idlewild are gonna get dropped AGAIN!
this has not happened.
they put an offer in. it hasn't been sold...
wow
weren't they like the biggest "indie" as well?
surely
the beggars group?
Poor Idlewild :(
Does this include Fantastic Plastic as well? (I believe they were liecened by Sanctuary but I could be wrong)
Up the Irons!
Hey music trivia fans, Sanctuary was started by Iron Maiden's manager, and was based on the Maiden track of the same name. I'm sure that will turn up in a pub quiz one day, and you'll thank me
I always thought
of the Sanctuary label as where old bands went to die.
and Universal...
is a label where new bands go to die so they have something in common.
isn't that
emi?