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Elton John World News: A Done Deal

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The Merging of Two Musical Giants

Sunday 5 August 2007 @ 18:22 - GMT

Just prior to the weekend, the world's biggest music group, stated that it had secured the takeover of troubled UK rival Sanctuary for £44.5m.

Universal had faced the prospect of a bid battle against Warner as well as private equity buyers.

In the end it was the only firm bidder and will be able to reap rewards from Sanctuary's merchandising arm and artist management business, which handles Elton.

It takes on Sanctuary's £59.8m of debt.

Universal's chief Lucian Grainge said the deal would help it provide "even more integrated services to our artists and songwriters."

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