Beyonce Knowles Buy Back Sanctuary Business  7/7/06

Beyonce Knowles' music mogul father Mathew Knowles has bought back MW Entertainment, the company he founded, from label Sanctuary.

Knowles snapped up the management business behind his pop star daughter and her girl band Destiny's Child for $5 million, after selling it three years ago for $12 million.

MWE made huge losses after it was turned into a record label in its own right, but Sanctuary is convinced the business can have a glittering future all the same.

Sanctuary boss Frank Presland says, "This is a business that can prosper if it faces up to the new realities and management remains committed to focusing on driving the business forward."