UPDATE: SANCTUARY IN SALES TALKS

UPDATE:  Innovative Birtish music firm Sanctuary whose portfolio includes a major mamangement firm, music publishing and a record label are in talks about a possible sale according to reports. In a statement to the London Stock Exchange it admitted that it has had discussions about a possible buyout. Sanctuary has been rumored to be in talks with several suitors including the Warner Music Group, EMI, and several private equity firms.  "There have been preliminary talks which may or may not lead to an offer or a further business opportunity," according to the statement.

Shares of Sanctuary are up more than 20 percent since May 31.

The company’s shares closed at 43-1/2 pence on Friday, giving Sanctuary a market capitalization of 161 million pounds ($293 million).