Price tag reported in $9-12 million range.
The assets of Fania, regarded as the most venerable and important catalog of tropical music in existence, have been sold to Emusica Entertainment Group.
Emusica, a Miami-based music company whose holdings include indie label Protel Records, confirmed it purchased the Fania assets from the estate of Fania founder Jerry Masucci. Emusica didn't disclose how much it paid for Fania, but sources say the price tag oscillated between $9 and $12 million.
The deal encompasses the entire catalog of Fania Records as well as Fania's publishing arm, FAF publishing. All told, the buy includes over 1,000 albums, 3,000 compositions and approximately 10,000 master tracks. Because Fania never had major distribution during its
existence, the possibilities for repackaging and reselling its catalog are broad.
Fania Records holds a legendary spot in the history of Latin music, and its catalog includes landmark recordings that have marked and defined the history of Latin music.
During its heyday in the 1970s, Fania's roster included virtually every luminary of the genre, among them Celia Cruz, Larry Harlow, Ruben Blades, Héctor Lavoe, Willie Colón and Eddie Palmieri. In addition, Pacheco also created the fabled Fania All-Stars, a kind of all star
super band that took salsa music to the world.
Fania’s power dwindled in the 1980s and the label eventually shuttered.