UMG Closes Acquisition Of Univision Music Group
May 5, 2008 at 8:38 AM (PT)
UNIVERSAL MUSIC GROUP has completed its acquisition of UNIVISION MUSIC GROUP following the recent clearance of the deal in the U.S. by the Federal Trade Commission. The acquisition results in UMG becoming the largest Latin music company in NORTH AMERICA.
The combined company, which will operate under the UNIVERSAL MUSIC LATIN ENTERTAINMENT banner, will include UNIVERSAL MUSIC LATINO, MACHETE, the newly acquired labels from the UNIVISION purchase -- FONOVISA and DISA, UNIVERSAL MUSIC MEXICO & CENTRAL AMERICA, Latin publishing in the U.S. and MEXICO, including the newly acquired EDIMONSA, DISA and the FONOVISA catalogs, and GTS GLOBAL TALENT SERVICES, a management service division.
As part of this acquisition, the UNIVISION name will be phased out. UNIVERSAL MUSIC LATIN ENTERTAINMENT will be a division of UNIVERSAL MUSIC LATIN AMERICA, and will be led by JESUS LOPEZ (currently Chairman/CEO of LATIN AMERICA and IBERIAN PENINSULA). LOPEZ will continue to be based in MIAMI, and report to UMG Pres./COO ZACH HOROWITZ for Universal Music Latin Entertainment.
In addition, it was also announced TODAY that JOSE BEHAR, Pres. of UNIVISION MUSIC GROUP, has departed the company.