Arguably the biggest music franchise Universal Music Group according to reports are now the majority shareholder of Don Jazzy's Mavin Records.
In a publication released by Music Business Worldwide on Monday, February 26, 2024, Universal Music Group (UMG) has reached a deal to acquire a majority stake in Nigerian record label Mavin Global, marking UMG's first move into the African music market.
Mavin Global, founded by renowned Nigerian producer and musician Don Jazzy in 2012, is home to several popular Nigerian artists such as Rema, Ayra Starr, Korede Bello, and Di'Ja. TPG Growth, a global investment firm that invested in Mavin Global in 2019, has now fully exited the business, while Kupanda Capital will remain a minority investor and strategic adviser.
Recall that in 2023, reports had initially stated that Mavin Records was looking forward to investments from some of the biggest music establishments, with the South Korean powerhouse Hybe and UMG leading the frontline to sign one of Africa's biggest music powerhouse.
The reports further stated that the founder and CEO of Mavin Global, Don Jazzy, and COO Tega Oghenejobo will continue leading the company, which will "maintain autonomy" over its strategy and future talent development, according to UMG. The deal, which is subject to regulatory approval and expected to close by the end of Q3 2024, will allow UMG to leverage Mavin Global's existing roster and its strategic advancement to expand its reach in Africa and create more opportunities to break more talent globally. UMG believes that Mavin Global's operations in Nigeria will be amplified through its global network of labels and businesses by investment.
Hot stories
The partnership is expected to accelerate Mavin Global's strategic advancement and create more opportunities to break more talent globally, expand the reach of its existing roster, and continue building its business into "a super-serving, pan-African entertainment company".
Speaking on the future partnership Don Jazzy stated, “ 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.”
