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Title: Music group Sanctuary ends all buy-out talks Post by: darknemus on September 26, 2005, 02:43:28 PM Link: http://today.reuters.co.uk/news/newsArticle.aspx?type=entertainmentNews&storyID=2005-09-26T160028Z_01_HO657342_RTRUKOC_0_UK-MEDIA-SANCTUARY.xml (note, the link I posted in the news section appears to be inaccurate, can a mod fix? thanks)
Here's the article: Quote LONDON (Reuters) - Sanctuary, the debt-laden music group that has issued a string of profit warnings in recent months, said on Monday that all potential buy-out discussions have ended. "Following a review of the discussions to date regarding a possible offer for the company, it has decided to withdraw from all remaining discussions with third parties who had previously expressed an interest," Sanctuary said in a statement. Music majors including EMI Group and Warner Music Group had at one time considered buying some or all of the company, according to sources familiar with the situation. Sanctuary said it still has the support of its bankers. The company's shares fell 18 percent to 6.5 pence by 1527 GMT (4:27 p.m. British time). Sanctuary is the world's largest independent music label and a major force in artist management, touring and merchandising. Its artists include Elton John and former Guns 'n' Roses frontman Axl Rose. Last week Sanctuary said it expected to post a full-year loss before interest, tax, depreciation and amortisation, well below analyst expectations, following a series of problems at its operating businesses. It plans a major series of cost-cuts by year-end. ? Reuters 2005. All Rights Reserved. Of course, feel free to speculate widly about this. I do think its yet another interesting coincidence, given the barrage of 'news' we've had the past few days. (barrage in comparison to our usual drought, anyway) -darknemus Title: Re: Music group Sanctuary ends all buy-out talks Post by: GypsySoul on September 26, 2005, 02:48:58 PM Quote Sanctuary is the world's largest independent music label and a major force in artist management, touring and merchandising. Its artists include Elton John and former Guns 'n' Roses frontman Axl Rose. "former" GNR frontman? ???? WTF??? :rant: And why isn't there a name associated with this statement?? "Sanctuary said" ... Who the fuck is "Sanctuary"?? is Sanctuary the infamous "they" as in "they said"?? :nervous: Title: Re: Music group Sanctuary ends all buy-out talks Post by: WAR41 on September 26, 2005, 03:04:19 PM hahaha Gypsy, didnt you know that Sanctuary is a living and breathing person?? I have met Sanctuary before and he is a great guy!
I agree, that is pretty piss poor journalism, but look at where its coming from... Rueters!! They are the absolute worst when it comes to reporting news. They report based on rumors rather than getting official sources to quote. Based on that, most of this board could report news for Rueters. Title: Re: Music group Sanctuary ends all buy-out talks Post by: 33 on September 26, 2005, 03:04:41 PM Ah I agree Darkemus! Another little snippet of news to add to the recent events!! I am starting to like this even more recently!!
Title: Re: Music group Sanctuary ends all buy-out talks Post by: ppbebe on September 26, 2005, 03:19:45 PM It's really weird Reuters keeps putting that bloody "former" before "Guns 'n' Roses frontman Axl Rose" and hasn't corrected it yet.. ???
Title: Re: Music group Sanctuary ends all buy-out talks Post by: jameslofton29 on September 26, 2005, 03:54:00 PM Wouldn't "cost cuts" mean that they might drop some bands from their roster? Bands that aren't making much money for them? :nervous: Maybe not GNR, but some of the bands aligned with Sanctuary have something to worry about. I guess they could just layoff some workers. But that will only save a limited amount of money.
Title: Re: Music group Sanctuary ends all buy-out talks Post by: Christos AG on September 26, 2005, 04:19:11 PM Wouldn't "cost cuts" mean that they might drop some bands from their roster? Bands that aren't making much money for them? :nervous: Maybe not GNR, but some of the bands aligned with Sanctuary have something to worry about. I guess they could just layoff some workers. But that will only save a limited amount of money. Bands make money for Sanctuary. They don't lose money for them. Cost cuts means that they're losing money somewhere (too many employers?) and they'll reduce them somehow (fire a few people...)... Title: Re: Music group Sanctuary ends all buy-out talks Post by: HoldenCaulfield on September 26, 2005, 06:44:47 PM Ah I agree Darkemus! Another little snippet of news to add to the recent events!! I am starting to like this even more recently!! Are you implying that the Sanctuary head honchos have heard the album and they've decided it will bring them out of the hole? I am... :beer: Title: Re: Music group Sanctuary ends all buy-out talks Post by: GypsySoul on September 26, 2005, 08:25:34 PM Wouldn't "cost cuts" mean that they might drop some bands from their roster? Bands that aren't making much money for them? :nervous: Maybe not GNR, but some of the bands aligned with Sanctuary have something to worry about. I guess they could just layoff some workers. But that will only save a limited amount of money. Bands make money for Sanctuary. They don't lose money for them. Cost cuts means that they're losing money somewhere (too many employers?) and they'll reduce them somehow (fire a few people...)... Some 'cost-cuts' issues were addressed in that September 10, 2005 issue of Billboard the one with Merck on the cover. Check out the article "At Sanctuary, The Heat Is On To Improve Performance":? http://www.heretodaygonetohell.com/board/index.php?topic=22451.0 Title: Re: Music group Sanctuary ends all buy-out talks Post by: Holy War on September 27, 2005, 02:10:19 AM "former" GNR frontman? ???? WTF??? :rant: Hopefully this doesn't bring out the old argument "Axl is the frontman because Guns N' Roses doesn't exist anymore." :nervous: Title: Re: Music group Sanctuary ends all buy-out talks Post by: Nytunz on September 27, 2005, 04:39:05 AM scary :confused:
Title: Re: Music group Sanctuary ends all buy-out talks Post by: 33 on September 27, 2005, 08:01:05 AM Ah I agree Darkemus! Another little snippet of news to add to the recent events!! I am starting to like this even more recently!! Are you implying that the Sanctuary head honchos have heard the album and they've decided it will bring them out of the hole? I am...? :beer: Maybe! I hope so! Title: Re: Music group Sanctuary ends all buy-out talks Post by: Thorazine Shuffle on September 27, 2005, 08:57:07 AM While it seems that for now Sanctuary will not be bought out, I have a hard time that Sanctuary took themselves off the market because of CD. I think that their financial worries run far deeper than GNR. Anyway, Sanctuary are GNRs managment firm, not their record label. I do hope Sanctuary stays afloat due to the fact that they seem to be the only company in the industry that are less concerned of the business aspect, and more concerned about the artist. Thats what makes them so great. :beer:
Title: Re: Music group Sanctuary ends all buy-out talks Post by: erose on September 28, 2005, 08:33:36 PM could it be that snctuary is betting al on CD?? i mean, if they know that cd will sell ten million records of the next few years, wouldn't it be pretty tuipd to sell out? would an increase of record sales bump up the stocks and shit?
Title: Re: Music group Sanctuary ends all buy-out talks Post by: Scabbie on September 29, 2005, 09:03:25 AM They must be mad if they were betting it all on Chinese Democracy. Absolutely bonkers, not fit to run a company. Which is why they have several high profile artists on their rosters, not just Axl and Elton.
Anyway, I find it interesting that Axl is mentioned in most news articles / press releases with regards to Sanctuary. Is it an attempt to put pressure on him? I don't know, but it seems weird to pay so much attention to him when he hasn't bought out any product in the last 10 years or so. Title: Re: Music group Sanctuary ends all buy-out talks Post by: GypsySoul on September 29, 2005, 07:20:31 PM Quote Sanctuary said it still has the support of its bankers. The company's shares fell 18 percent to 6.5 pence by 1527 GMT (4:27 p.m. British time). Sanctuary is the world's largest independent music label and a major force in artist management, touring and merchandising. Its artists include Elton John and former Guns 'n' Roses frontman Axl Rose. Last week Sanctuary said it expected to post a full-year loss before interest, tax, depreciation and amortisation, well below analyst expectations, following a series of problems at its operating businesses. It plans a major series of cost-cuts by year-end. This sorta goes with that.? It's from the October 1, 2005 issue of Billboard mag. THE LATEST NEWS FROM .biz www.billboard.biz >>> NO HAVEN FOR SANCTUARY[/b] ? ? ?Stock in Sanctuary Group continued in its downward trend after the British independent firm reported its third profit warning in the last four months Sept. 21.? In a statement issued to the London Stock Exchange, the firm said that full-year losses would be below the lowest end of market expectations.? Group CEO Andy Taylor admitted that the company's bullish expansion strategy had damaged its outlook.? "Sanctuary has disappointed the market significantly this year and, with hindsight, it is clear we grew too fast," Taylor said in a statement. end quote Gypsy note:? There's a second article about Sanctuary Group selling its book publishing imprints, Sanctuary Music Technology and Arcane, to British company Music Sales Group. "The Sept. 7 sale shutters the Sanctuary Publishing division." Gypsy comment #1:? "the firm said that full-year losses would be below the lowest end of market expectations" Isn't that a good thing?? Or am I reading that wrong? Gypsy comment #2:? Andy Taylor was the name of the Sheriff on The Andy Griffith show.? :hihi: Title: Report: Sanctuary Group worth "less than nothing" Post by: Thorazine Shuffle on October 28, 2005, 07:12:57 PM From www.blabbermouth.net
Times Online is reporting that Sanctuary Group, the music company which handles artists such as GUNS N' ROSES, IRON MAIDEN, SLIPKNOT and SLAYER, gave warning on Friday (Oct. 28) that it would have to take a multimillion-pound hit to its balance sheet as it fights to ensure its long-term survival. The company told investors that its end-of-year balance sheet "will show net liabilities" ? meaning that, technically, the business is worth less than nothing. Shares in Sanctuary plunged 15 per cent as the company said that it was reviewing its accounting policies, as well as dealing with the consequences of a dismal year of trading. Sanctuary is also planning on making 175 staff redundant to cut costs, twice the amount planned initially. According to analysts, that exercise will cost an estimated ?8 million, to achieve annual cost savings of about ?16 million. Read more at Times Online. This can't be good. :no: Sorry Mods if this is in the wrong section. Title: Re: Music group Sanctuary ends all buy-out talks Post by: jarmo on October 28, 2005, 07:13:03 PM Sanctuary braced for painful hit (http://business.timesonline.co.uk/article/0,,9070-1847991,00.html)
/jarmo Title: Re: Music group Sanctuary ends all buy-out talks Post by: rainX on October 28, 2005, 07:15:38 PM Sanctuary braced for painful hit (http://business.timesonline.co.uk/article/0,,9070-1847991,00.html) /jarmo dude how fucking bizarre is that. you post this at 6:13, me at 6:14, and someone else started a thread at 6:12 Title: Re: Music group Sanctuary ends all buy-out talks Post by: jarmo on October 28, 2005, 07:16:14 PM Google Alerts? :hihi:
/jarmo Title: Re: Music group Sanctuary ends all buy-out talks Post by: rainX on October 28, 2005, 07:17:51 PM Google Alerts? :hihi: /jarmo to the fucking cell phone brother :) this article certainly doesn't paint a pretty picture of the situation maybe they need a huge selling artist..... hmmm...... Title: Re: Music group Sanctuary ends all buy-out talks Post by: Thorazine Shuffle on October 28, 2005, 07:17:57 PM Title: Re: Music group Sanctuary ends all buy-out talks Post by: Thorazine Shuffle on October 28, 2005, 07:19:41 PM Perhaps Sanctuary is wanting CD to be released in the first quarter of 06. Hell 05 is already a loss, might as well start planning for next year.
Title: Re: Music group Sanctuary ends all buy-out talks Post by: michaelvincent on October 28, 2005, 07:40:48 PM Perhaps Sanctuary is wanting CD to be released in the first quarter of 06. Hell 05 is already a loss, might as well start planning for next year. If they are then they are stupider than we all thought. I for one wouldn't bet a cup of coffee on them doing anything. While it probably wasn't a deciding factor I'm sure the obscene amounts of money that have been thrown at this album didn't help the label's financial situation one bit. Quote maybe they need a huge selling artist..... hmmm...... Chinese Democracy isn't going to do the out of this earth, record shattering numbers that everyone seems to think it will. I will gladly eat my hat if Guns n Roses can release an album and single handedly pull it's record label from Chapter 11. Title: Re: Music group Sanctuary ends all buy-out talks Post by: Thorazine Shuffle on October 28, 2005, 07:43:29 PM Perhaps Sanctuary is wanting CD to be released in the first quarter of 06.? Hell 05 is already a loss, might as well start planning for next year. If they are then they are stupider than we all thought. I for one wouldn't bet a cup of coffee on them doing anything. While it probably wasn't a deciding factor I'm sure the obscene amounts of money that have been thrown at this album didn't help the label's financial situation one bit. Why would that be stupid? NOTHING is gonna bring Sanctuary out of the gutter this year. Write off the losses for 05 and start fresh in 06. It's Economics 101. Title: Re: Music group Sanctuary ends all buy-out talks Post by: michaelvincent on October 28, 2005, 07:51:32 PM Quote Why would that be stupid? NOTHING is gonna bring Sanctuary out of the gutter this year. Write off the losses for 05 and start fresh in 06. It's Economics 101. I'm just saying that betting the future of your company on the release of an album that for all intents and purposes doesn't exist (and don't argue me on this, an album not on the shelves moving units doesn't exist to any record company) isn't the smartest move ever. They need a sure thing, and if my history books are correct, GnR is far from a sure thing. You're talking about an album that has been in the final stages since around 2002, and has consistently failed to be delivered year in and year out. Who's to say that Axl isn't going to turn around and go 'well, fuck...you don't have any money, how do you plan on promoting my album?', take his album and go back into hiding? And don't say that it couldn't happen, because anyone who knows anything about our man Axl knows that he can be a hair difficult to work with. Title: Re: Music group Sanctuary ends all buy-out talks Post by: rainX on October 28, 2005, 09:50:06 PM Perhaps Sanctuary is wanting CD to be released in the first quarter of 06. Hell 05 is already a loss, might as well start planning for next year. If they are then they are stupider than we all thought. I for one wouldn't bet a cup of coffee on them doing anything. While it probably wasn't a deciding factor I'm sure the obscene amounts of money that have been thrown at this album didn't help the label's financial situation one bit. Quote maybe they need a huge selling artist..... hmmm...... Chinese Democracy isn't going to do the out of this earth, record shattering numbers that everyone seems to think it will. I will gladly eat my hat if Guns n Roses can release an album and single handedly pull it's record label from Chapter 11. Sanc. isn't the label, they are the publisher. Title: Re: Music group Sanctuary ends all buy-out talks Post by: jarmo on October 29, 2005, 08:41:59 AM Sanc. isn't the label, they are the publisher. And management. ;) /jarmo Title: Re: Music group Sanctuary ends all buy-out talks Post by: ARC on October 29, 2005, 08:48:19 AM Chinese Democracy would help Sanctuary.
Though, I'm not sure if anything can save this company. Title: Re: Music group Sanctuary ends all buy-out talks Post by: dolphin on October 29, 2005, 12:08:08 PM So who would manage GNR then?
??? Title: Re: Music group Sanctuary ends all buy-out talks Post by: michaelvincent on October 29, 2005, 03:15:15 PM Either way...management with no money isn't going to get a whole lot done.
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