Universal Music Spain today (April 14) acquired indie label MuXXIc for an undisclosed sum. MuXXIx is the recorded music division of Spanish conglomerate Gran Vía Musical (GVM), which belongs to t
Universal Music Spain today (April 14) acquired indie label MuXXIc for an undisclosed sum. MuXXIx is the recorded music division of Spanish conglomerate Gran Vía Musical (GVM), which belongs to the country's leading media company, Grupo Prisa.
Under the deal, Universal Spain acquires nearly all of MuXXIc's artist roster and catalog. MuXXIc had a 6% market share in Spain last year; its leading artists include Antonio Orozco, Sober, Tamara, María Jiménez, Los Del Rio, and Raúl. MuXXIx's contract with veteran singer Marta Sánchez is being renegotiated by Universal Spain president Marcelo Castello Branco.
"MuXXIc was born just before the crisis hit the music industry, and we suffered more than anybody from piracy," says Luis Merino, CEO of GVM and Prisa's director general of leisure and entertainment.
Universal Music and GVM have had distribution and licensing deals since shortly after MuXXIc's creation in 1999. MuXXIc worked Universal Latin artists such as Paulina Rubio in Spain, while the major moved MuXXIc artists in Latin America and the United States.
"The addition of MuXXIc's local roster is very important to us," says Branco. "This is not a joint venture, but shared ownership of MuXXIc, which will continue as a trademark. Our first release will be a new Antonio Orozco album in May."
MuXXIc laid off its 10 remaining staffers on March 31. Only former MuXXIc director Domingo García remains with GVM, in an as-yet-undefined role.