Concord Music announced Friday (July 27) it has acquired Fania Records and Publishing, with its approximately 19,000 master recordings and 8,000 compositions from Codigo Entertainment.
The famed Latin music company is known for putting popular genres such as Latin big band, Afro-Cuban jazz, boogaloo, salsa and Latin R&B on the map, and bringing to the forefront the careers many iconic artists, including Celia Cruz, Willie Colón, Héctor Lavoe and Rubén Blades.
Fania’s master recording catalog is home to classics such as Hector Lavoe’s “Periodico de Ayer” and “Aguanile,” as well as Pete Rodriguez’s “I Like It Like That,” which was recently sampled by Cardi B in her single “I Like It,” featuring J Balvin and Bad Bunny. Fania also boasts three recordings that appear in the National Recording Registry: Celia & Johnny by Celia Cruz and Johnny Pacheco, Azucar Pa' Ti by Eddie Palmieri, and Live at Yankee Stadium by the Fania All-Stars.
"Concord has made a very significant commitment to the acquisition and management key Latin catalogs," said Steven Salm, Concord Music's Chief Business Development Officer. "To have the opportunity to add a crown jewel Latin music like Fania, with its incredible roster artists and songwriters, excites all us at Concord."
The California-based independent music company with worldwide distribution through Universal Music Group admit they are “huge fans Fania and its extraordinary legacy.”
Concord CEO Scott Pascucci said: "As investors, the acquisition makes sense because the growth in streaming and the demographic shifts in consumption — and we want to be at the forefront investing in that shift. But, more importantly, we love the music and couldn't pass on the opportunity to bring the music to future generations around the world."