Business

BMG jams with Black Sabbath

Vivendi’s Universal Music Group reached a deal last night to sell Sanctuary, its heavy metal label to KKR-backed BMG Rights, sources told The Post.

The price for the label — home to Megadeath, Venom and Black Sabbath, among others — was $62 million, sources added.

A BMG spokesman could not be reached for comment.

Warner Music Group and entrepreneur Simon Fuller were also reported to be circling the label but lost out in the end.

Universal has a history with BMG Rights, having just sold them its Mute catalog in December.

Universal has owned Sanctuary since 2007. It agreed to give up the label as part of a divestment package offered to the European Union in order to gain approval for its $1.9 billion EMI purchase.

Sanctuary is not part of EMI.

Last week, WMG agreed to buy Universal’s Parlophone label for $765 million.

Universal Music declined comment.