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Muxxic Latina starts signing in September

In Madrid, Prisa and Universal Music Group signed the definitive agreement to create MUXXIC LATINA, a new multinational record label whose objective will be the worldwide launching of pop music artists in the Spanish language.
The new company, headquartered in Miami, will have a share capital of 5 million dollars, 75% of which will be held by Prisa and 25% by Universal Music Group. The commitment between the two companies will be maintained for a period of three years, with the possibility of bringing a third partner into the agreement. This record company operation combines the strength of Universal, the current world leader in the music sector, and the position of Prisa as a leader in the communications sector in the Spanish-speaking market.
Muxxic Latina will sign and market Latin music artists for the world market through the different subsidiaries of Universal, which will be in charge of sales and product distribution. In the Spanish market, Gran Via Musical, a music holding of Prisa, will have the exclusive right to handle and market the new catalog of artists, through its record label muXXic. The company will be operative to begin launching and signing artists beginning in September 2000.
This agreement consolidates the international sales network of Gran Via Musical, and complements the agreement that already exists with Fonovisa, which will distribute the recent releases of Los del Río and Miranda Warning in Mexico and the United States.
Prisa began a determined expansion into the music sector in 1999 with the creation of Gran Vía Musical, a company dedicated to the management of publishing rights, recording, and event production.
Muxxic Latina was created to respond to a new demand that exists in te record market, which sees Latin music as one of the undeniable motors behind the global market. The new company will explore new international distribution channels to respond to the new growing communications markets in Spanish, which are not limited to Spanish-speaking countries, but rather extend to the principal entertainment markets, as in the case of the northern European countries, Germany, and France.
Universal Music Group is the largest group of music companies in the world and owns record companies and licenses in 59 countries worldwide. Its business field includes Universal Music Publishing Group, one of the largest publishing operations in the music industry.
Prisa is the leading group for communications in Spanish. It is the publisher of the daily newspaper El País, the general information newspaper with the largest circulation in Spain, and El País Digital, the most visited Spanish-language newspaper on the Internet, the financial newspaper Cinco Días, and the sports newspaper AS.
Gran Via Musical is present in all of the phases of the music industry, from artistic direction and production to promotion, distribution, and sales.