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Tuesday, June 26, 2001

UMG BUYS LATIN LABEL

by

Marc Pollack

Universal Grabs RMM’s Assets...But Who Could Blame 'Em?
Universal Music Group has purchased bankrupt Latin label RMM Records, home to Tito Puente and Celia Cruz. Financial terms of the deal were not disclosed.

The sale, revealed Monday (6/25), was part of a Chapter 11 bankruptcy filing by the Latin company.

In buying RMM, UMG nabs over 400 master recordings by more than 130 Latin artists, including Jose Alberto, Tito Nieves, Oscar D'Leon and Tony Vega. Artists currently on the roster include Kevin Ceballos, Manny Manuel, Michael Stuart, Cheo Feliciano and Domingo Quinones.

The 14-year-old RMM, founded by salsa veteran Ralph Mercado, sought protection from creditors in November after songwriter Glenn Moroig won a $7.7 million copyright infringement case against the label, almost rendering the company financially immobile.

TAGS: Marc Pollack
 
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