Universal Music agrees to sell Sanctuary Records

Universal Music Group has entered into an agreement to sell Sanctuary Records -- home to such rock and heavy metal acts as Black Sabbath and Megadeth -- for $62 million, according to a person with knowledge of the transaction.

The sale, to BMG Rights Management, a Berlin music publisher, is part of divestitures mandated by the European Commission as a condition of approving Universal's acquisition of EMI Group. 

Universal has sold EMI's Parlophone, whose acts include Coldplay, Radiohead and David Guetta, to Warner Music Group for 487 million pounds (about $754 million). It sold EMI's Mute Records, the home of Depeche Mode, to BMG Rights Management, for about $16 million.

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 music joint venture.

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