Monday, January 29, 2007

Sanctuary may sell off some units

The UK music group Sanctuary has reported 2006 loss of more than $112 million. Sanctuary is one of the world largest music management enterprises.

The loss is believed to have occurred as a result of move to a more urban music sector of the United States which eventually failed.

In order to make up for the loss, the music group has stated that they will attempt to sale a stake in Rough Trade Records. They will also make a large cutback on cost. It is hoped that these efforts will return them to profitability in 2008.

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