Universal Music nabs Spanish-language unit
Univision is getting out of the music business.Universal Music Group has acquired the music division of Spanish-language media company Univision Communications, the top Latin record company in the U.S. Financial terms of the transaction were not disclosed, and the acquisition is subject to regulatory approvals and customary closing conditions. Univision’s music division consists of Univision Records, Fonovisa Records, Disa Records, Univision Music Mexico and Univision Music Publishing. The company’s rosters feature Marco Antonio Solis, Los Tigres del Norte, Conjunto Primavera, Banda el Recodo, Jenni Rivera and Gloria Trevi. Univision Music’s long-established relationship with the Univision television networks will continue as UMG has entered into a long-term agreement that will allow the music company to promote its Latin artists on the Univision network and TeleFutura. UMG will continue to use the Fonovisa and Disa names, but will eliminate the Univision name. UMG has distributed Univision products since 2001. “We are especially excited about our important partnership with Univision’s television networks, the most-watched Spanish-language broadcast television networks in the U.S., as we continue the major television advertising campaigns that have proven so effective in promoting Univision Music’s artists in the past,” //per a statement by Zach Horowitz, president and chief operating officer of UMG. Univision will release its full-year financial results Wednesday.