LONDON — U.K. music group Sanctuary has paid £6.6 million ($10.56 million) for Texas-based Music World Entertainment, the management group behind Beyonce Knowles and the band she fronts, Destiny’s Child.
Mathew Knowles, father of Beyonce and Solange, founded MWE. He also manages the solo careers of Kelly Rowland and Michelle Williams, the other members of Destiny’s Child.
Knowles will become president of Sanctuary’s new urban division and continue to manage his roster of artists. He plans to set up a tour agency and a new label, a joint venture of Sanctuary and BMG Distribution, to develop new acts. This is a departure for Sanctuary, which specializes in rock acts such as Iron Maiden and Guns N’ Roses.
“Our expertise and infrastructure can have a significant impact on the urban world, which despite being the biggest music genre is still underdeveloped and lacking the sophistication of the rock world,” said Sanctuary chief exec Merck Mercuriadis.
Deal is being funded with $7 million in cash and $3 million in new shares.