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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.
