Universal Offers to Buy Univision's Music Division
RENEE MONTAGNE, host:
And our last word in business is Latin powerhouse. The world's largest music company, Universal, yesterday announced plans to buy the music division of Spanish language media giant Univision. The Washington Post reports Universal is paying about $100 million, though the company won't confirm that price.
Universal already has a big line-up of Latin music stars, including Enrique Iglesias. But Univision's music group leads the market in regional Mexican music. That's the top selling genre of Spanish language music.
As CD sales decline, Latin music is still showing healthy sales. Universal hopes to profit even more by creating what the Post calls an unrivaled music promotion powerhouse for its Latin artists.
If regulators approve the deal, Univision would maintain its link to the giant TV broadcaster with the same name. Universal would be able to promote its music on the TV network, which reaches 99 percent of Spanish speaking households in the U.S.