UMG to acquire Latin record company

Los Angeles -- Universal Music Group announced Thursday it will acquire Univision Music Group, the No. 1 Latin record company in the United States.

Financial terms of the transaction between Universal Music Group (also known as UMG) and Univision Communications Inc. were not disclosed. The acquisition is subject to regulatory approvals and customary closing conditions, the companies said.

Univision Music Group includes Univision Records, Fonovisa Records, Disa Records, Univision Music Mexico and Univision Music Publishing.

"Univision Music Group's artists, labels and catalog are among the finest in Latin music," Zach Horowitz, president and chief operating officer of Universal Music Group, said in a statement. "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 United States, as we continue the major television advertising campaigns that have proven so effective in promoting Univision Music's artists in the past."

Copyright 2008 by United Press International.