Published
Wed, Aug 10, 2016, 12:40
- As a result of the deal, Sony now owns the UK label's back catalogue and successful compilation series.
Sony Music UK has bought Ministry Of Sound Recordings.
Ministry Of Sound's label has been running since 1993. Though it's best known for its compilations (including the Annuals, Anthems and Masterpiece series), it also has an artist roster that includes acts like London Grammar and Sigala. The price Sony paid for the label has not been made public, but as Music Business Worldwide reports, Ministry Of Sound Recordings made £25.48m in 2014.
Doug Morris, Sony Music Entertainment's CEO and chairman, said: "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 lineup of world-class creative centers."
Lohan Presencer, Ministry Of Sound Group's 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."