Mechanical royalty collection society MCPS has sold its shares to PRS For Music as part of a wider restructure at the company.

PRS said the move will enable significant cost saving within MCPS, while continuing licensing administration, royalty processing and account management for members. 

Outgoing MCPS chair Nigel Elderton admitted at the MPA AGM last year that the financial health of MCPS was 'not good and getting worse', largely due to declines in sales of CDs and DVDs. 

The ...