Sanctuary Cuts Air Edel Deal

While the industry continues to be rife with rumours about Universal or Warner Music buying Sanctuary, the cash-strapped U.K.-based company has raised nearly £500,000 by selling Air Edel to Cutting Edge Music.

Sanctuary announced in a May 29th note to the London Stock Exchange it had offloaded the business, which includes Air Edel Associates and Air Edel Recording Studios, for £497,958 (US$ 988,000).

Air Edel, founded in 1969 by Beatles producer George Martin and his business partner Herman Edel, has a roster that includes Patrick Doyle, composer of the "Harry Potter And The Goblet of Fire" theme, among a list of writers concentrating mainly on TV and film scores.

Sanctuary bought the business from Chrysalis Group for £590,458 in 2002.