In a regulatory filing, Univision disclosed it sold its music recording and publishing business to Universal Music Group for $153 million. $113 million from the sale of Univision Music Group will be due at closing. Univision will use the $113 million to pay down debt.
UMG includes Univision Records, Fonovisa Records and Disa Records, Univision Music Mexico and Univision Music Publishing. Among the recording artists on their rosters: Marco Antonio Solis, Los Tigres del Norte, Gloria Trevi and Ivy Queen.
As part of the deal, Universal Music, will promote its Latin artists on Univision network.