Universal Acquires RMM’s Assets
Universal Music Group, the world’s biggest music company, said Monday that it bought RMM Records’ assets, including a well-respected tropical and Latin music catalog as well as future recordings by artists signed to the label. The sale has been approved as part of a Chapter 11 bankruptcy sale, subject to the entry of an order by the U.S. Bankruptcy Court, Southern District of New York.
Financial terms were not disclosed, but Universal Music said the acquisition of RMM brings it more than 400 master recordings by more than 130 artists, including Tito Puente, India, Celia Cruz, Jose Alberto, Tito Nieves, Oscar D’Leon, Tony Vega and Domingo Quinones.
All Spanish-language albums previously recorded by Marc Anthony also will revert to Universal Music after the current pact expires.
The move is the latest effort by Universal to dominate the Latin music market.
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