Universal Music Group, the world's largest music company, announced on Thursday that it will buy Univision Music Group for $140 millions.

Univison Music Group is part of the Univision media empire, the biggest collection of Spanish-language labels.

If the deal is approved by regulators it could mean the creation of an unrivaled music promotion powerhouse for Universal's Latin artists.

Universal will get the chance to promote its artists on Univion television, which holds the top position for the Spanish-speaking audience.

Univision Network is accessible to 99 percent of Spanish-speaking households in United States.

The acquisition would bring Universal’s share of the Latin music market to almost 49%.

According to the Nielsen rating data from the week of Feb. 18, the 10 most popular Spanish-language television programs were on Univision.

Univision Music includes the Fonovisa Records and Disa Records labels and it has five of the top 10 Latin albums in the U.S. It currently has 35% of the Latin music market.

Zach Horowitz, president and chief operating officer of Universal Music, said: "This deal is about following the changing demographics of the population of the country. This demographic is growing at a much faster rate than any other segment of the population. And we will have this treasure trove of a catalog that goes back 30 years and includes some of the biggest artists in Latin music today," Los Angeles Times reports.

According to a source familiar with the deal, Universal agreed to pay almost $100 million for Univision Music.

In 2006 Univison Music had $141 million in revenue almost 7 percent of the total held by Univision.

Even though Universal has some Latin artists, Univison Music dominates the market in “regional Mexican” which is the best selling genre of Spanish-language music.