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The 50-50 venture, to be called Muxxic Latina, will seek to combine Universal Music's distribution muscle with Grupo Prisa's ability to attract Latin artists, said Universal Music Latin America chairman Manolo Diaz.
UMG GOES FOR A SLICE OF LATIN-MUSIC TAMALE
Muxxic Latina To Be A 50-50 Joint Venture With Spain's Grupo Prisa
Aiming to boost its roster of Latin artists, Universal Music Group has agreed to form a Latin music record company with Grupo Prisa, the Spanish media powerhouse that owns the country’s largest radio network and El Pais newspaper.

The 50-50 venture, to be called Muxxic Latina, will seek to combine Universal Music's distribution muscle with Grupo Prisa's ability to attract Latin artists, said Universal Music Latin America chairman Manolo Diaz.

Thecompanies expect to finalize an agreement in the next few weeks and roll out a roster of artists by the summer, Diaz added.

Rumors that Doug Morris has courted Elian Gonzales and the Taco Bell chihuahua with spots on Farmclub.com haven't been confirmed.

Muxxic Latina won't be incorporated into Universal's Miami-based Latin music division, whose roster of Latin artists includes Enrique Inglesias, Cuba's Pablo Milanes and Brazil's Caetano Veloso. Rather, the company will be based in New York and have three board members each from Universal and Grupo Prisa. A chief executive hasn't been named yet but one will likely be chosen from those six board members, Diaz said.

Under the terms of a preliminary pact, Universal Music will handle worldwide sales and distribution of releases by the company. It will also have licensing rights, excluding Spain, to artists who sign with Muxxic Latina.

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