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Sanctuary's Record Label To Close

Reuters reports that the recorded music division of Sanctuary Music Group is to close, its new owner Universal Music said on Wednesday, as it looks to develop the firm's merchandising, catalogue and management businesses instead.

Universal, which bought the struggling music group for 44.5 million pounds in August, said the recorded division, which has artists such as THE CHARLATANS and BRIAN WILSON and in the past featured such metal artists as Megadeth and Iron Maiden, would no longer operate as a standalone front-line label.

The Sanctuary Records U.S. unit will continue to operate as it is for now but this could be reviewed at a later date.

Universal announced its purchase of Sanctuary in June to develop new revenue streams such as merchandising and artist management as traditional income from the sale of CDs and digital music continues to wane.

Source: ShockOnline

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