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ACQUISITION.

Struggling music management firm Sanctuary yesterday said it had agreed to be taken over by the UK arm of entertainment group Universal.

The offer worth pounds 44.5 million comes after a long period of financial strain at Sanctuary, which handles the careers of artists including Sir Elton John, James Blunt and Lulu.

Sanctuary racked up losses of pounds 56.7 million in its last financial year and said it would benefit from the firepower of Universal.

Sanctuary's operations also cover merchandising and ownership of record labels including Rough Trade and Trojan.

Universal said the addition of Sanctuary would enable it to broaden its operations at a time when demand for physical CDs was declining. The company described Sanctuary as a "good strategic fit" and said it would work with management to build the business.

Doug Morris, chairman and chief executive of Universal, said: "The union with Universal's global strength and leadership will further develop Sanctuary and its talent."

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Sanctuary handles the career of pop singer Lulu
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Jun 16, 2007
Words:169
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