Universal Music Group is the world's leading music company comprised of recorded music and music publishing businesses. It signs artists worldwide, develops, markets, and distributes their music through subsidiaries licensed in 77 countries representing 98% of the global music market. UMG's music publishing business owns and licenses musical compositions. It has many labels around the world including Island Def Jam Music Group formed in 1999 through a merger and Universal Music Latin Entertainment created through the acquisition of Univision Music Group.