Reports have emerged indicating that Universal Music Group (UMG), one of the most prominent entities in the music industry, has become the majority shareholder of Mavin Records, helmed by the acclaimed Nigerian producer and musician, Don Jazzy.
As disclosed by Music Business Worldwide on February 26, 2024, UMG has finalized an agreement to acquire a controlling interest in Mavin Global, marking UMG’s inaugural foray into the African music market.
Established by Don Jazzy in 2012, Mavin Global boasts a roster of highly acclaimed Nigerian artists such as Rema, Ayra Starr, Korede Bello, and Di’Ja. With this latest development, TPG Growth, a global investment firm that previously invested in Mavin Global in 2019, has divested its stake, while Kupanda Capital will retain a minority position and continue to provide strategic guidance.
Earlier reports in 2023 had hinted at potential investments in Mavin Records from industry giants, including Hybe and UMG. Don Jazzy, alongside COO Tega Oghenejobo, will continue to lead the company, maintaining autonomy over its strategic direction and talent development initiatives, as per UMG’s statement.
Subject to regulatory approval and slated to conclude by the end of Q3 2024, the deal is poised to enable UMG to leverage Mavin Global’s diverse talent pool and strategic vision to expand its footprint in Africa and foster opportunities for emerging artists on a global scale. UMG anticipates that Mavin Global’s operations in Nigeria will benefit from synergies within its extensive network of labels and ventures.
This collaboration is anticipated to accelerate Mavin Global’s growth trajectory, broaden its international reach, and reinforce its position as a premier entertainment company serving audiences across Africa and beyond.
Commenting on the prospective partnership, Don Jazzy expressed his pride in Mavin’s accomplishments and affirmed their commitment to furthering their mission both locally and globally in collaboration with UMG.
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