The Sanctuary Group plc (“Sanctuary” or the “Company”) is delighted to announce that it has today agreed in principle to acquire Music World Entertainment (“Music World” or “MWE”), from Mathew Knowles. MWE is responsible for the management of multi-million selling acts including Destiny’s Child, Beyonce, Kelly Rowland, Michelle Williams, Solange Knowles, Blaque, and comedian Ricky Smiley.
In addition to the acquisition, Mathew Knowles will be named President of Sanctuary’s new Urban division – reporting to Sanctuary Group Inc. CEO Merck Mercuriadis – and will continue to manage his roster of artists. He will enter into an initial five year employment with Sanctuary, which can be extended for a further five years at Sanctuary’s option. Strategically, the deal also involves setting up a joint venture record label through Sanctuary Records Group/BMG Distribution to develop Urban and Gospel acts, along with music publishing, as well as the creation of an Urban tour agency in the US. [more @ www.mi2n.com]