There have been speculations as to the sale of Mavin Music, well now it is happening as Universal Music Group (UMG), the world’s leading music company, has announced its plan for a majority investment in Nigeria’s music company, Mavin Global (Mavin).
The deal however remains subject to regulatory approval and it is expected to close by the end of the third quarter of 2024.
According to UMG, Mavin will maintain autonomy over its strategy and future talent development. As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company, offering UMG the opportunity to partner with proven local executives and experienced A&R professionals.
Don Jazzy took to his Instagram page to issue an official statement on the subject matter. He wrote, “Dear Mavin Family, I’m thrilled to announce that Mavin Records has partnered with Universal Music Group, marking a new chapter in our journey. This partnership is a milestone that recognizes our collective talent and hard work, aiming to elevate African music on the global stage. Our collaboration with UMG will bring more music, innovation, and opportunities, allowing us to showcase African talent worldwide. While we embark on this exciting new path, our core mission and values will remain intact, ensuring that the essence of Mavin and our commitment to pushing musical boundaries continue to thrive. This step forward is a testament to the dedication of our artists, staff, and, importantly, you, our fans, whose unwavering support has been instrumental in reaching this moment. Together, we look forward to making history, breaking more records, and building a lasting legacy. Thank you for your continued belief in us. Here’s to our bright future together.”
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