Universal Music Group to Acquire a Major Stake in Mavin Records

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). Pending regulatory approval, the investment aims to accelerate the expansion of Mavin. UMG hopes to close the deal by the end of Q3 2024.

Mavin Global is an African leading entertainment company and was founded in 2012 by producer and label executive, Don Jazzy. Home to artists including RemaAyra StarrJohnny DrilleLadipoeCrayonMagixxBayanniBoyspyceDJ Big N, and Lifesize Teddy, Mavin has garnered over 6 billion streams globally for its artists. Under the leadership of CEO Don Jazzy and COO Tega Oghenejobo, the company has not only achieved remarkable commercial success but has contributed to the global rise of Afrobeats.

According to UMG, “The partnership will accelerate Mavin’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.” Sir Lucian Grainge, Chairman and CEO of Universal Music Group, emphasised this, saying “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.”

“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 said in a statement.

He also made an announcement on his Instagram page with the following caption,

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.

Under the terms of the agreement, Mavin founder and CEO, Don Jazzy, along with COO Tega Oghenejobo, will retain their positions at the company. UMG affirms that Mavin will “maintain autonomy over its strategy and future talent development.”

Read more: https://www.bellanaija.com/2024/02/umg-acquires-major-stake-in-mavin-records/

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