UNIVERSAL MUSIC GROUP (UMG) CLOSES ACQUISITION OF UNIVISION MUSIC GROUP
New Merged Company to be Known as Universal Music Latin Entertainment & Led by Jesus Lopez
New York, New York and Miami, Florida, May 5, 2008 - Universal Music Group (UMG), the world’s leading music company, today announced that it 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 US and Mexico, including the newly acquired Edimonsa, Disa and 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). Mr. Lopez will continue to be based in Miami, Florida and report to Zach Horowitz (President & COO, Universal Music Group) for Universal Music Latin Entertainment.
“Jesus has presided over a period of remarkable growth for Universal Music Latin America,” stated Mr. Horowitz. “His vision and passion for Latin music, entrepreneurial instincts and ability to think ‘out of the box,’ combined with that rare talent of being able to balance both creative and business concerns, make him the ideal person to lead the newly merged company.”
“I am truly grateful to Zach for this exciting opportunity,” commented Mr. Lopez. “It is a privilege to continue working so closely with him and the entire Latin music team as we build this new company, complete with such a rich history and one of the most dynamic groups of artists and executives in the business.”
In addition, it was also announced today that Jose Behar, President of Univision Music Group, has departed the company.
“I'd also like to take this opportunity to recognize all of the contributions that Jose has made to Univision over the years,” added Mr. Lopez. “We certainly wish him the very best in all of his future endeavors.”
Universal Music Latin Entertainment possesses a roster of chart-topping artists as well as a vast catalog that comprises some of the most important Latin recordings in history. Its artists include Juanes, Juan Gabriel, Paulina Rubio, Don Omar, La Secta,Winsin & Yandel, Alicia Villarreal, Pedro Fernandez, La Factoria, Mach & Daddy, Enrique Iglesias, Belanova, Luis Fonsi, Cafe Tacuba, Marco Antonio Solis, Los Tigres del Norte, Los Temerarios, Horóscopos de Durango, K-paz de la Sierra, Grupo Montes de Durango, Alacranes Musicales, Conjunto Primavera, Banda El Recodo, Jenni Rivera, Gloria Trevi, Graciela Beltran, Xtreme, Olga Tañon, Tito Nieves, Bajofondo Tango Club, and Ivy Queen, among many others.
About Universal Music Group
Universal Music Group is the world's largest music company with wholly owned record operations or licensees in 77 countries. Its businesses also include Universal Music.
Publishing Group, the industry's leading global music publishing operations. Its labels include Decca, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, Machete Music, MCA Nashville, Mercury Nashville, Mercury Records, Philips, Polydor Records, Universal Music Latin America, Universal Motown Republic Group, Universal South Records and Verve Music Group, as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes eLabs, a new media and technologies division, Bravado, its merchandising company, and Twenty-First Artists, its full service management division.
Universal Music Group is a unit of Vivendi, a global media and communications company.