Sony Music Entertainment has acquired Ministry of Sound Recordings, according to Music Business Week.
As a result of the just-announced purchase, Sony Music UK will own the Ministry of Sound label outright, including all of its artist, complete back catalogue and lucrative compilations arm.
Over the last two decades, the popular UK label — that also owns a London-based nightclub of the same name — has been responsible for launching acts like Mark Ronson, Paloma Faith, Example and Wretch 32, with its current artist roster including pop/indie outfit London Grammar, plus DJ Fresh and Sigala.
Ministry of Sound is also well-known for its myriad of compilation titles, including 'The Annual', 'Dance Nation', 'Trance Nation' and 'Clubbers’ Guide', that currently account for one in six compilation albums sold in the UK.
On the purchase, Doug Morris, Chairman and CEO, Sony Music Entertainment, stated: “This agreement underscores our ongoing commitment to investing in great artistry and hit music. On behalf of the entire Sony Music family, I’m excited to welcome the wonderful artists and talented team at Ministry of Sound Recordings to our line-up of world-class creative centers. I would like to send my congratulations to both Edgar and Jason.”
Lohan Presencer, Ministry of Sound group chief executive, added: “I’m delighted we have found the right home to grow Ministry of Sound Recordings at a global level while keeping its unique identity. Sony Music is a world-class company that understands our ethos of exceptional curation and developing young talent. Ministry of Sound Recordings had its most successful year to date in 2015. Sony has the scale and strength within the industry to project our artists and music onto an even bigger platform.”
No word yet on what Sony Music Entertainment's plans are for the label.
Ministry of Sound's London club division recently announced they were cancelling their grassroots-inspired house event, M25 Festival, allegedly due to poor ticket sales.
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