Hollywood (eCanadaNow) - According to reports, Universal Music Group has agreed to buy the music division of Univision Communications Inc.

The U.S. Latin music market has been growing quite a bit over the last few years, and Universal is making the move to try and become the head cheese in the industry.

Universal is apparently putting out $140 million to acquire Univision's music division.

The deal is subject to regulatory approval.

It would triple the share of the Latin music market that Universal currently holds.  They would end up with 49% of the Latin music market with this deal.

They would also be able to reach a much wider audience with their artists.

Zach Horowitz, president and chief operating officer of Universal Music stated "This deal is about following the changing demographics of the population of the country."