Mumbai: Universal Music Group (UMG) has completed its acquisition of Univision Music Group following the recent clearance of the deal in the US 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 Latin America and Iberian Peninsula chairman and CEO Jesus Lopez. Lopez will continue to be based in Miami, Florida and report to Universal Music Group president & COO Zach Horowitz for Universal Music Latin Entertainment.
"Jesus has presided over a period of remarkable growth for Universal Music Latin America," stated 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."
In addition, the company also announced that President of Univision Music Group, Jose Behar 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 Lopez. "We certainly wish him the very best in all of his future endeavors."