Beyonces dad sells music company for $10 million

Jet, Oct 27, 2003

The father of Beyonces, Mathew Knowles, has sold his music management company, Music World Entertainment, to the London-based music group Sanctuary for $10 million.

Music World Entertainment has managed Destiny's Child and the solo careers of its members, Beyonce, Kelly Rowland and Michelle Williams; Beyonce's sister, Solange Knowles; comedian Rickey Smiley and other artists.

Beyonce's father will work at Sanctuary for at least five years as president of its urban and gospel division and continue to manage his roster of artists. The division includes R&B and hip-hop.

Knowles will stay headquartered in Houston.

In another agreement-a joint venture with Sanctuary and BMG Distribution-he'll establish a tour agency and record label to develop new acts. He'll also oversee a music publishing operation.

Knowles said the deal allows him more time to be creative. He plans to sign urban and gospel music managers like himself and "allow them to grow."

In buying Music World Entertainment, Sanctuary brings to its management stable Beyonce and the group she fronts, Destiny's Child.