Universal Sells Former Black Sabbath, Iron Maiden + Megadeth Label Sanctuary to BMG
The ever-evolving music industry endured another shift recently when Vivendi SA’s Universal Music Group agreed to sell Sanctuary Records, the onetime label of metal giants Black Sabbath, Iron Maiden and Megadeth, to BMG Rights Management. The Los Angeles Times reports that the deal was part of divestitures required by European Commission regulators.
Sanctuary Records was among the assets requested by European regulators and sources report the label was sold for $62 million. In addition to Black Sabbath, Iron Maiden and Megadeth, Sanctuary released albums from Motorhead, The Kinks and more.
Sanctuary is the second label sold off by Universal Music this month, with Parlophone recently being sold to Warner Music Group. Parlophone had the rights to past releases from Coldplay, Pet Shop Boys and Tina Turner. Universal has yet to sell off two additional assets — Co-op, a British independent marketing and sales company and EMI’s European stake in the ‘NOW!’ musical venture.