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Sanctuary Records, home to Iron Maiden, bought by German firm BMG Sanctuary Records, home to Iron Maiden, bought by German firm BMG
(7 months later)
The Sanctuary Records label – home to bands such as Black Sabbath and Iron Maiden – is being bought by German record label group BMG. Sanctuary, owned by Universal Music, was put up for sale because of regulatory issues after Universal's acquisition of EMI for £1.2bn last September.The Sanctuary Records label – home to bands such as Black Sabbath and Iron Maiden – is being bought by German record label group BMG. Sanctuary, owned by Universal Music, was put up for sale because of regulatory issues after Universal's acquisition of EMI for £1.2bn last September.
The deal, reportedly worth £40m, will mean a catalogue of more than 170,000 recordings – including songs such as You Really Got Me and Waterloo Sunset by the Kinks, above, and Motörhead album Ace of Spades – transferring to BMG.The deal, reportedly worth £40m, will mean a catalogue of more than 170,000 recordings – including songs such as You Really Got Me and Waterloo Sunset by the Kinks, above, and Motörhead album Ace of Spades – transferring to BMG.
Hartwig Masuch, chief executive of BMG, said: "We have made no secret of our ambition to create a new force in the music industry focused on delivering service and revenue to artists."Hartwig Masuch, chief executive of BMG, said: "We have made no secret of our ambition to create a new force in the music industry focused on delivering service and revenue to artists."
He added: "We believe this deal will be good news for those artists, good news for our partners, particularly in the independent sector, and good news for the music industry as a whole."He added: "We believe this deal will be good news for those artists, good news for our partners, particularly in the independent sector, and good news for the music industry as a whole."
The European commission backed the takeover of EMI by Universal last year on the condition it sells several record labels, given concern that Universal would otherwise become too powerful.The European commission backed the takeover of EMI by Universal last year on the condition it sells several record labels, given concern that Universal would otherwise become too powerful.
It is the second agreement BMG has struck as part of Universal's programme to offload labels.It is the second agreement BMG has struck as part of Universal's programme to offload labels.
In December it agreed in principle to buy from Universal the Mute Records catalogue, which includes recordings by Depeche Mode, Erasure, Moby and Nick Cave. Both deals are subject to European Commission approval. Earlier this month Universal agreed to sell the Parlophone music label - which was formerly part of EMI Music and includes records by Coldplay, Tinie Tempah and Kylie Minogue - to Warner Music Group for £487m.In December it agreed in principle to buy from Universal the Mute Records catalogue, which includes recordings by Depeche Mode, Erasure, Moby and Nick Cave. Both deals are subject to European Commission approval. Earlier this month Universal agreed to sell the Parlophone music label - which was formerly part of EMI Music and includes records by Coldplay, Tinie Tempah and Kylie Minogue - to Warner Music Group for £487m.
BMG, which is a joint venture between German media company Bertelsmann and the US private equity firm KKR, has built up the rights to more than one million songs and recordings.BMG, which is a joint venture between German media company Bertelsmann and the US private equity firm KKR, has built up the rights to more than one million songs and recordings.
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