The ink has reportedly dried on a deal that places UK record label Ministry of Sound Recordings in the ownership of multimedia conglomerate Sony Music. Ministry of Sound Recordings launched in 1993 as an offshoot of the South London nightclub of its namesake and has since grown into one of the most celebrated independent labels in the UK.
Included in the deal are all of Ministry's artists, back catalogue, and compilations business. The sum paid by Sony has not been revealed in any public discourse, but Music Business Worldwide has pointed out that its recording business generated the equivalent of $33 million in 2014. On the other end of the electronic music spectrum, Sony had also recently signed a worldwide deal with Dutch superstar Martin Garrix.
Sony Music Entertainment CEO and Chairman Doug Morris said of the deal:
"This agreement underscores our ongoing commitment to investing in great artistry and hit music. 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 lineup of world-class creative centers."
Ministry of Sound Group Chief Executive Lohan Presencer added:
"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 Sound Recordings 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."
How Sony Music's ownership of Ministry of Sound Recordings bodes for the brand's future remains to be seen, but whatever growing pains may arise will surely become apparent in the months to follow.