Sanctuary Talks Included Warner, EMI
Band Photo: Slipknot (?)
Reuters is reporting that Sanctuary Group's discussions with potential investors included meetings with larger rivals EMI and Warner Music, a person familiar with the situation said on Sunday.
The talks have been preliminary, no firm offer has been submitted and a deal is not imminent, the source added.
Sanctuary, the music company which handles artists such as GUNS N' ROSES, IRON MAIDEN, SLIPKNOT and SLAYER, said on Friday it was in ongoing talks with several third parties that could lead to a partial or outright sale of the company.
In addition to EMI and Warner, several private equity firms also have held talks with the company.
Shares of Sanctuary, the world's biggest independent record label and a major player in artist management, touring and merchandising, are up more than 20 percent since May 31.
Sanctuary, EMI and Warner all declined to comment.
The company's shares closed at 43-1/2 pence on Friday, giving Sanctuary a market capitalization of 161 million pounds ($293 million).
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