Sanctuary Records, home of the once great, have signed Lou Reed to their label.
Sanctuary Group Inc chief executive Merck Mercuriadis, who was behind the worldwide deal, says he expects the former Velvet Underground leader to produce his first Sanctuary album in 2005.
“There are not enough adjectives to describe Lou Reed,” says Mercuriadis. “Over the last 40 years Lou has constantly pushed the envelope with his art - and through his lack of compromise transformed many seemingly impossible barriers.”
Meanwhile, the Sanctuary group PLC, which has just entered its closed period prior to announcing its full year results in mid January, issued a trading statement saying it is on course to meet City expectations (something to do with share value, am sure some smart arse can comment below explaining this!) helped by 700,000 plus sales of Morrissey’s 'You Are The Quarry' and a quarter of a million copies of the self titled 'The Libertines' album. The group also reports strong revenues in management (incl. dis relevant bands like Funeral for a Friend, Yourcodenameis:milo...), which has seen Mary J Blige, Nelly and Slipknot join the fold. And they've made a few pence from merchandising. But do they own their own rocket?
DiScuss: So, the age old rule of A&R signing their record collection isn't too bad for business? Is Lou Reed still relevant?