Universal Music Group has sold subsidiary Sanctuary Records to BMG Rights Management. Heavily linked to Iron Maiden, Sanctuary is also home to records by metal titans Megadeth and Black Sabbath along with various popular acts including Elton John, Pet Shop Boys and Blondie.
Sanctuary Records was founded in 1979 by Iron Maiden’s then-managers Rod Smallwood and Andy Taylor, and named after Maiden’s song of the same name. As reported by the LA Times, Universal sold Sanctuary Records to BMG for $62 million. The sale was part of a European Commission-mandated divestment after Universal purchased EMI Group – meaning they were forced to sell the label to maintain healthy competition.
Earlier this month, Universal also sold EMI’s Parlophone to Warner Music Group for approx $754 million. Parlophone’s artist list includes Coldplay, Gorillaz and The Verve. In addition to these 2 sales, Universal also sold EMI’s Mute Records, whose roster features Depeche Mode, Goldfrapp and Grinderman for around $16 million to BMG Rights Management.