Sanctuary buys Elton's shingle

World Brief

By GORDON MASSON

LONDON -- Sanctuary Group is paying Elton John and partners Frank Presland and Keith Bradley £16 million ($30.1 million) in cash and shares to buy their Twenty-First Artists management company.

Twenty-First manages the creative and business affairs of John, and throughout its five-year history has worked with Jamiroquai and Mis-Teeq. It recently launched the career of James Blunt and will continue to develop new artists.

John has committed to a new five-year management agreement, as part of the deal. Presland and Bradley have signed similar employment contracts to ensure continuity of key relationships.