Universal Music Group has acquired a majority stake in Nigerian independent music label, Mavin Global. The deal when finalized will make the Nigerian brand a part of the numerous brands controlled by the global music giant.
“Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin). The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024,” a statement by Universal Music Group read.
Speaking about the deal, CEO and Founder of Mavin, Michael Collins Ajereh known as Don Jazzy described the deal as “historic” while stating it will continue the “mission in Africa”. He said, “I’m proud of the artists, careers and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
Don Jazzy, together with the Chief Operating Officer, Tega Oghenejobo will remain part of the team at Mavin Global tasked with leading the team. The amount involved in the deal which is expected to be closed before the end of the third quarter is not known yet. However, according to a Billboard report in October of 2023, Shot Tower Capital was looking to acquire either a part or all of Mavin Global. Don Jazzy was looking for investments in the business and an acquisition or sale could range from $150 million to $200 million.
Sir Lucian Grainge, the CEO and Chairman of Universal Music Group said they were influenced by the great artists, entrepreneurs and people behind Mavin Global.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together.
“Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
Mavin Global is the home to some of Africa’s great names in the music industry. The label has names like Rema, Ayra Starr, Ladipoe, Johnny Drille and Boy Spyce. Others include Magixx, Bayanni, Crayon and Dr SID with the latest addition being Lifesize Teddy. Tiwa Savage, Korede Bello, Iyanya, Dija, Wande Coal and Reekado Banks are some of the top names to have called Mavin Records their home.
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