Sony Music UK has announced the acquisition of label Ministry of Sound Recordings.
Founded in 1993 as an extension to the South London nightclub Ministry of Sound, the label boasts a roster including London Grammar, DJ Fresh, Sigala, Jodie Abacus, Louis Berry, MIAMIGO and Moss Kena.
Sony Music UK, whose acts include Calvin Harris and Paloma Faith, said the label has been acquired outright, without specifying a sum.
According to Companies House accounts, Ministry of Sound Recordings’ revenue in 2014 totalled £25.1m, with a pre-tax profit of £3.6m
Sony said the partnership would allow Ministry of Sound Recordings to grow on a “truly global scale”, now sitting alongside the likes of Robbie Williams, Beyonce, Justin Timberlake and Miley Cyrus.
Doug Morris, chairman and and chief executive of Sony Music Entertainment, said: “This agreement underscores our ongoing commitment to investing in great artistry and hit music."
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“On behalf of the entire Sony Music family, I’m excited to welcome the wonderful artists and talented team at Ministry of Sound Recordings to our line-up of world-class creative centres.”
Lohan Presencer, Ministry of Sound group chief executive, said: “I’m delighted we have found the right home to grow Ministry of Sound Recordings at a global level while keeping its unique identity. Sony Music is a world-class company that understands our ethos of exceptional curation and developing young talent. Ministry of SoundRecordings had its most successful year to date in 2015. Sony has the scale and strength within the industry to project our artists and music onto an even bigger platform.”