LONDON (CelebrityAccess MediaWire) – British music industry giants The Sanctuary Group has confirmed that it has held discussions of a possible buyout of the firm with a statement released on June 3rd.
“There have been preliminary talks which may or may not lead to an offer or a further business opportunity,” the statement read.
“During the past 12 months, and indeed on a continuing basis, it has had exploratory discussions with a number of third parties about a wide range of future potential business development and investment opportunities.”
The company plans to release further information “as appropriate and in its due course,” according to Billboard.
International media speculation at possible Sanctuary buyouts is the likely reason for the company announcement. Recent reports have suggested possible talks with potential partners including Warner Music and Sony BMG.
Sanctuary’s rise from humble beginnings in 1976 to a multi-faceted music business has attracted many suitors. The company hosts artists such as Morrissey, Robert Plant and Lou Reed on its record label. The management arm of the company represents Iron Maiden, Beyoncé, the Who, Guns N’ Roses, and Jane’s Addiction. It recently announced a management contract with Elton John. Sanctuary also works in music publishing, book publishing, visual entertainment and merchandising.
“At the end of the day, whether we’re a listed company or whether we’re not we’re always going to be a responsible company,” New York-based CEO of Sanctuary Group told Billboard. “What we don’t do is allow our artists to be affected by (financial matters). To me, we’re first and foremost an artist company.” –by CelebrityAccess Staff Writers