MADRID — Spain’s largest media group, Prisa, has sold its record publishing business to the Universal Music Group.
Move reflects the effects of piracy on the Spanish music sector and the challenges of online distribution.
Worth an estimated E14.2 million ($17.1 million), the sale includes the catalogs of Prisa’s Gran Via Musical labels — Muxxic, Horus and Eurotropical — featuring artists such as Tamara, Los del Rio, Raul and stars of the RTVE-aired talent reality show “Operacion Triunfo,” such as Vega and Hugo. Also under the agreement, UMG advertising will be inserted in Prisa media.
Prisa has an option to repurchase its publishing assets in five years.
UMG will also be able to use Prisa brands such as Maxima FM records. Prisa will maintain ownership of Planet Events, which organizes pop concerts and festivals, music publishers Nova and Lirics & Music, indie distrib El Diablo and DVD and CD publisher GVM.