Universal Music Group (UMG) has reached a deal to acquire and the Univision Music Group from Univision Communications. Univision Music Group includes Univision Records, Fonovisa Records, Disa Records, Univision Music Mexico and Univision Music Publishing. UMG will phase out the use of the Univision name but continue to use such brands as Fonovisa and Disa. Also as part of the transaction, UMG will continue Univision Musicís long-established relationship with Univisionís broadcast television networks under a long-term agreement that will allow UMG to promote its Latin artists on the Univision Network, and on Spanish-language network TeleFutura. Financial terms of the transaction were not disclosed, and the acquisition is subject to the customary regulatory approvals and conditions.
"Univision Music Groupís artists, labels and catalog are among the finest in Latin music,Ē said Zach Horowitz, President and COO of UMG. "This acquisition expands UMGís presence in one of the most dynamic and vital genres of music today. We are especially excited about our important partnership with Univisionís 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 Musicís artists in the past. Weíd also like to thank Jose Behar, President and CEO and Founder of Univision Music Group, and his team for all their efforts in building the company into what it is today."
"Weíre delighted with this transaction and pleased that our talented artists will continue to flourish with UMG, the global leader in the music industry," stated Joe Uva, CEO of Univision Communications. "The sale of Univision Music Group is an important step in the execution of our strategic plan to divest certain non-core assets in order to focus exclusively on our television, radio and online businesses."
UMG Chariman and 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 Groupís artists are among the best in any genre of music."