Sony Music Entertainment, Grupo Prisa and Crescent Moon today announced a new joint venture label to discover, develop and establish Latin music artists around the world. The new label name will be announced shortly.

The joint venture brings together three key players in Latin music. Sony is the number one Latin music company in the United States and Latin America, with such mainstream Latin artists as Marc Anthony, J.Lo and Ricky Martin on its roster. Crescent Moon is a Miami-based record label formed by Emilio Estefan Jr., whose credits include Gloria Estefan, Ricky Martin and Shakira. Meanwhile, Grupo Prisa is a leading media group in the Spanish-speaking world, with newspapers, radio stations and the music company Gran Via Musical.

"Sony Music is proud to join Emilio Estefan Jr. and Grupo Prisa in forging this new label which will cater to the Latin music community around the world," said Sony Music Entertainment Chairman & CEO Thomas D. Mottola. "The power combination of Grupo Prisa and Sony Music, together with the sound and skill of Emilio Estefan Jr. will establish the new label as a real contender in the world of Latin music."

The new label will be headquartered in Madrid, Spain, with its primary markets being Spain, the United States and Latin America. The new label will have a management committee representing the interests of all three partners, to ensure that they all remember to share and play nice together.