UMG Acquires Univision Music Group
February 28, 2008 at 9:16 AM (PT)
UNIVERSAL MUSIC GROUP and UNIVISION COMMUNICATIONS INC. have announced a definitive agreement under which UMG will acquire UNIVISION MUSIC GROUP, including its music recording and publishing division. UNIVISION MUSIC GROUP is the #1 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 MUSIC GROUP's artists, labels and catalog are among the finest in Latin music," said UMG Pres./COO ZACH HOROWITZ. "This acquisition expands UMG's presence in one of the most dynamic and vital genres of music today. 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. We'd also like to thank JOSE BEHAR, Pres./CEO and Founder of UNIVISION MUSIC GROUP and his team for all their efforts in building the company into what it is today."
UMG Chairman/CEO DOUG MORRIS added, "The acquisition of UNIVISION MUSIC GROUP highlights our ongoing commitment, and that of our parent company VIVENDI, to the music business in general and to the Latin music business in particular. UNIVISION MUSIC GROUP's artists are among the best in any genre of music."