Muxxic Latina starts signing in September
In Madrid, Prisa and Universal Music Group signed the
definitive agreement to create MUXXIC LATINA, a new multinational record
label whose objective will be the worldwide launching of pop music artists
in the Spanish language.
The new company, headquartered in Miami, will have a share capital
of 5 million dollars, 75% of which will be held by Prisa and 25% by Universal
Music Group. The commitment between the two companies will be maintained
for a period of three years, with the possibility of bringing a third partner
into the agreement. This record company operation combines the strength
of Universal, the current world leader in the music sector, and the position
of Prisa as a leader in the communications sector in the Spanish-speaking
Muxxic Latina will sign and market Latin music artists for the world
market through the different subsidiaries of Universal, which will be in
charge of sales and product distribution. In the Spanish market,
Gran Via Musical, a music holding of Prisa, will have the exclusive right
to handle and market the new catalog of artists, through its record label
muXXic. The company will be operative to begin launching and signing
artists beginning in September 2000.
This agreement consolidates the international sales network of Gran
Via Musical, and complements the agreement that already exists with Fonovisa,
which will distribute the recent releases of Los del Río and Miranda
Warning in Mexico and the United States.
Prisa began a determined expansion into the music sector in 1999 with
the creation of Gran Vía Musical, a company dedicated to the management
of publishing rights, recording, and event production.
Muxxic Latina was created to respond to a new demand that exists in
te record market, which sees Latin music as one of the undeniable motors
behind the global market. The new company will explore new international
distribution channels to respond to the new growing communications markets
in Spanish, which are not limited to Spanish-speaking countries, but rather
extend to the principal entertainment markets, as in the case of
the northern European countries, Germany, and France.
Universal Music Group is the largest group of music companies in the
world and owns record companies and licenses in 59 countries worldwide.
Its business field includes Universal Music Publishing Group, one of the
largest publishing operations in the music industry.
Prisa is the leading group for communications in Spanish. It
is the publisher of the daily newspaper El País, the general information
newspaper with the largest circulation in Spain, and El País Digital,
the most visited Spanish-language newspaper on the Internet, the financial
newspaper Cinco Días, and the sports newspaper AS.
Gran Via Musical is present in all of the phases of the music industry,
from artistic direction and production to promotion, distribution, and
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