Machete Music, Universal Music Group's new urban Latin label, has acquired a 50% stake in VI Music, <i>ELW</i> has learned.
MIAMI -- Machete Music, Universal Music Group's new urban Latin label, has acquired a 50% stake in VI Music, ELW has learned.
Puerto Rico-based VI, widely considered to be the most successful reggaeton label, is home to such acts as Don Omar and Hector y Tito.
In addition to the ownership stake, Machete will take over VI's marketing, sales and publicity functions. VI -- under founder and CEO Juan Vidal, who will remain involved in day-to-day operations -- will continue to operate as an A&R source, signing acts and producing albums.
VI releases will now be labeled as "Machete/VI Music." Distribution will remain with Universal Music & Video Distribution, which has handled VI since 2002.
VI has five titles in the top 30 of the Billboard Top Latin Albums chart, including sets by Daddy Yankee, whose label, El Cartel, has a distribution deal with VI Music.