HAVANA (AP) — Cuba’s main state-run music company is expanding its business with entertainment giant Sony in a sign of continuing progress in U.S.-Cuban business relations.
Cuba’s Musical Editions and Recording Company, known by its Spanish acronym EGREM, holds the rights to works by thousands of Cuban artists, including renowned musicians such as Benny More, Chucho Valdes and Omara Portuondo.
Under a deal signed Wednesday, U.S.-based Sony/ATV, the world’s leading music publisher, will license rights to songs in EGREM’s catalog to clients in the television and film industry, and streaming services, among other clients.
Sony/ATV officials said they were receiving a standard commission from sales of EGREM property but declined to discuss the precise terms of the deal. Sony Music signed a 2015 deal to distribute EGREM artists’ albums worldwide.
Most Read Business Stories
- Washington state no longer has the nation’s fastest-climbing home prices
- Google expanding again in Seattle, with new tower next to Amazon
- ‘Fortnite’ phenomenon turns ‘workaholic’ game developer into billionaire
- Redfin stock has worst day in its history as CEO sounds alarm about cooling housing market
- Boeing finds surprise asset for defense comeback: old warplanes