UNIVERSAL MUSIC PURCHASES Sanctuary FOR $88 MILLION

Sanctuary, a large independent British music company, agreed to be purchased by Universal Music Group for 44.5 million pounds, or $88.3 million US.

The purchase comes after significant business problems at Sanctuary, including a failed effort to market urban music in the United States. Sanctuary brings significant assets to Universal in its recording, publishing, merchandising, and touring operations. Universal promoted the deal as a strong fit as it seeks to reduce its reliance on recorded music.