Universal buys troubled Sanctuary for £44.5m

Universal, the world's biggest music group, said last night that it had secured the takeover of troubled UK rival Sanctuary for £44.5m. Universal, home to Amy Winehouse and Mika, had faced the prospect of a bid battle against US rival Warner and private equity buyers. In the end it was the only firm bidder and will be able to reap rewards from Sanctuary's merchandising arm and artist management business, which handles Elton John. It takes on Sanctuary's £59.8m of debt. Universal's head Lucian Grainge said the deal would help it provide "even more integrated services to our artists and songwriters".