T
Tingle
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It was all over the press on Saturday. Elton John and Morrissey mentioned in the same breath. The Star ran a very short story and they cited "Indie Icon" Mozzer too. Sorry if you've all seen this already.
http://www.guardian.co.uk/business/story/0,3604,1450745,00.html
Sanctuary for Elton John
Owen Gibson
Saturday April 2, 2005
The Guardian
Sanctuary, the music group behind Morrissey and Beyoncé, added Sir Elton John to its roster yesterday when it agreed to buy his management company, Twenty-First Artists, for £16m in cash and shares.
Sir Elton, better known for spending rather than making money, agreed to a five-year management contract with Sanctuary as part of the deal.
Twenty-First Artists, co-owned by Sir Elton, chief exec utive Frank Presland and Keith Bradley, recorded pre-tax profits of £1.55m in the year to March 31 2004 on revenues of £4.7m. Mr Presland and Mr Bradley have also been handed new five-year contracts with the group.
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Sanctuary said yesterday that it was confident of recovering the cost of the acquisition within three years. The initial payment of £16m will rise by up to £10m dependent on a number of conditions, including Sir Elton renewing his management contract for a further five years in 2010.
Executive chairman Andy Taylor said he hoped the acquisition would help the group in its efforts to sign management deals with other artists of similar stature.
"The status of Sir Elton John as a respected and hugely successful artist is unassailable and we are obviously very happy to be involved in his career going forward," he said.
Apart from Sir Elton, who has enjoyed dozens of hits on both sides of the Atlantic during a 35-year career, Twenty-First Artists has a handful of lesser known names, including rising British singer-songwriter James Blunt.
While the major record labels have foundered in recent years, Sanctuary has enjoyed success through its diverse base of management, record label, DVD and merchandising divisions.
The company said that it was on course to meet expectations for the first half of the year.
http://www.guardian.co.uk/business/story/0,3604,1450745,00.html
Sanctuary for Elton John
Owen Gibson
Saturday April 2, 2005
The Guardian
Sanctuary, the music group behind Morrissey and Beyoncé, added Sir Elton John to its roster yesterday when it agreed to buy his management company, Twenty-First Artists, for £16m in cash and shares.
Sir Elton, better known for spending rather than making money, agreed to a five-year management contract with Sanctuary as part of the deal.
Twenty-First Artists, co-owned by Sir Elton, chief exec utive Frank Presland and Keith Bradley, recorded pre-tax profits of £1.55m in the year to March 31 2004 on revenues of £4.7m. Mr Presland and Mr Bradley have also been handed new five-year contracts with the group.
Article continues
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--------------------------------------------------------------------------------
Sanctuary said yesterday that it was confident of recovering the cost of the acquisition within three years. The initial payment of £16m will rise by up to £10m dependent on a number of conditions, including Sir Elton renewing his management contract for a further five years in 2010.
Executive chairman Andy Taylor said he hoped the acquisition would help the group in its efforts to sign management deals with other artists of similar stature.
"The status of Sir Elton John as a respected and hugely successful artist is unassailable and we are obviously very happy to be involved in his career going forward," he said.
Apart from Sir Elton, who has enjoyed dozens of hits on both sides of the Atlantic during a 35-year career, Twenty-First Artists has a handful of lesser known names, including rising British singer-songwriter James Blunt.
While the major record labels have foundered in recent years, Sanctuary has enjoyed success through its diverse base of management, record label, DVD and merchandising divisions.
The company said that it was on course to meet expectations for the first half of the year.
