Universal Buys Sanctuary For $87 Million

UPDATED:
They’ve been in talks for weeks, but today the remaining assets of the troubled Sanctuary Music were bought today by Universal for $87.68 million according to Billboard.biz.  The deal includes the record label as well as merchandising, management and agency divisions.

However, one informed source told Hypebot this afternoon that the deal is not yet been complete.   Whatever the case, there will certainly more consolidation within the coming months as labels struggle with declining sales and the execs at larger label groups use available cash to buy their way into better numbers.