Still struggling London music group Sanctuary has announced it has sold its stake in composer management and sync rights firm Air-Edel for just under half a million pounds. The company, originally founded by George Martin and Herman Edel in 1969 and acquired by Sanctuary off Chrysalis in 2002 for £590,458, has been acquired by a rival sync rights company, Cutting Edge Music.
Confirming the sale, Sanctuary issued a statement to the London Stock Exchange yesterday, simply confirming that it had "disposed of its interests in Air-Edel Associates Limited and Air-Edel Recording Studios Limited (and certain associated assets) to Cutting Edge Music", adding that Cutting Edge will pay the buying price in cash over an eighteen month period.
The Air-Edel purchase is part of Cutting Edge's ongoing expansion programme, which recently included the recruitment of experienced music supervisor Liz Gallacher to the role of Director Of Music Supervision. Commenting on that expansion and the Air-Edel purchase, Cutting Edge MD Phil Hope told reporters yesterday: "We are delighted to bring Air-Edel and their roster of fantastic talent into the Cutting Edge group of companies. Their unrivalled position in the provision of music to the worlds of film, television, games and commercials will be a tremendous asset to our business. Following our recent addition of Liz Gallacher Music Supervision this acquisition brings us closer to achieving our goal of becoming the pre-eminent provider of music to picture".
Air-Edel will continue to be led by existing MD Maggie Rodford within the Cutting Edge group.