Beyonce's Dad Scores $10 Million Deal
10/06/2003 at 01:00 AM EDT
Destiny's Child is changing hands: Beyonce Knowles's father, Mathew Knowles, has sold his music management company, Music World Entertainment, to the London-based music group Sanctuary for $10 million, reports the BBC.
Music World Entertainment, which will continue to be based in Houston, Texas, has managed Destiny's Child as well as its members, including Kelly Rowland and Michelle Williams.
Under the new deal, Knowles will work at Sanctuary for at least five years, serving as president of its urban and gospel division. He also will set up a tour agency and record label to develop new acts, as well as oversee a music publishing operation.
In 1989, Knowles, a former Xerox salesman, put together a singing group of 10- and 11-year-olds. The group eventually became Destiny's Child.
Meanwhile, in other music news, the Clos du Bois winery in Geyserville, Calif., is launching J. Garcia wines, which will feature Jerry Garcia's artwork on its labels, the Associated Press reports. Until now, the late Grateful Dead singer's more commercial abstract creations were largely confined to T-shirts and neckties.
"The first release to our distributors is sold out," winery spokesman Kelly Keasy tells California's Marin Independent Journal.
The initial release consists of 50,000 cases of 2002 Sonoma County Chardonnay, 2000 Sonoma County Merlot and 2000 Sonoma County cabernet sauvignon. A zinfandel is due out later this year.
Garcia, who grew up in northern California, died of a heart attack in 1995.