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EmptyUMG takes Vale
LONDON — Universal Music Group said Thursday it has completed its acquisition of Spanish independent label Vale Music after gaining the green light for the purchase by Spanish competition authorities late last week. UMG acquired Vale from its founder, Ricardo Campoy, for an undisclosed sum. The label's roster of artists includes David Bisbal, Bustamente, Rosa and Chenoa. Vale will continue to operate as a separate company and Campoy and his senior executives have "entered into long-term agreements to continue managing its day-to-day operations," UMG said in a statement.
Spain expo set
MADRID — The fifth edition of the Spain TV Expo will take place Nov. 7-9 in Miami, organizers said. The shindig will be attended by 28 Spanish companies — seven more than last year — looking to foment commercial ties with the U.S., organizers said. Companies scheduled to attend the event include Filmax International, Plural Entertainment, BRB Internacional, D'Ocon Films, Gestevision Telecinco and Kevin Williams Associates.
Corus Q4 jumps
TORONTO — Generous tax gains and higher TV advertising and subscription revenue helped Canadian broadcaster Corus Entertainment Inc. on Thursday to post sharply higher fourth-quarter earnings. The company recorded fourth-quarter earnings for the three months to Aug. 31 of CAN$46.6 million ($41.2 million), against a profit of CAN$9.7 million in 2005. Full-year 2006 earnings came to CAN$35.5 million ($31.4 million), down from a year-earlier profit of CAN$71.2 million. "We had another excellent quarter for our television division, driven by strong ratings and subscriber growth for our brands," Corus CEO John Cassaday said in a statement.