LOS ANGELES (Latin
Music Powerhouse) - Two international entertainment leaders, Venevision International, a member of the Cisneros Group of Companies, and Universal
Music Latino, the award-winning Latin music division of Universal
Music Group, have partnered to create a new record label that will leverage the vast resources of each global company.
The first release from the joint venture is the much anticipated album by the world-renowned Andrea Bocelli. Released February 28th, "Amor" is Bocelli's first Pop album completely in Spanish (the U.S. Latin version of the international release "Amore").
"We are pleased to be joining forces with Universal, one of the world's leading music companies, to create a dynamic record label that will focus on delivering the best music products to the fast-growing U.S. Hispanic market," said Luis Villanueva, President & CEO of Venevision International. "The Cisneros Group seeks new opportunities that will benefit from the Group's extensive experience in servicing the needs of the Hispanic consumer and leverage its diverse media assets. This partnership, which combines the Cisneros strength in media with Universal's vast music distribution resources and first-class artists, is destined to be a Latin music powerhouse," said Gustavo Cisneros, Chairman of the Cisneros Group.
Jorge Pino, Vice President of the Music Division of Venevision International, will oversee the label's daily operations, and will also sit on the joint-venture Board of Directors. Joining him on the board will be Luis Villanueva; Jesus Lopez, Chairman & CEO of Universal Music Latin America & the Iberian Peninsula; and John Echevarria, President of Universal Music Latino.
"We have enjoyed a fruitful relationship with Venevision International, and the launch of this new record company is the next logical step for us both," commented Mr. Lopez. "As the demand for Latin music continues to grow on a global basis, Universal Music Latino is committed to being at the forefront of discovering new and innovative ways to bring our artists and their music to audiences everywhere. Our partnership with Venevision International will play a big part in supporting this mandate."
Mr. Pino said: "Venevision International is uniquely situated because it has been able to forge and maintain successful affiliations with all the key players in the music business. I'm confident this partnership with Universal Music Latino will have an immediate impact on the market."
"As we continue to offer our artists the very best service in the business, our partnership with Venevision International will serve to open even more opportunities to create synergies between music and many other areas within the broadcast and entertainment industries," said Mr. Echevarria.
