UMG Universal Music Group NV

By Nina Kienle

Universal Music Group's division Virgin Music Group said that it would acquire music entertainment company Saban Music Latin for an undisclosed price.

Virgin Music said late Thursday that it would acquire Saban Music Latin's catalogue and release future albums by selected Saban Music Latin's artists. The companies didn't disclose financial details.

Virgin Music said it had previously partnered with artists and labels in Latin music and that the acquisition complements its artist roster.

Saban Music's founder, Haim Saban, acts as an independent nonexecutive director of Universal Music.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

January 05, 2024 03:19 ET (08:19 GMT)

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