Universal Music Group (UMG) has purchased a majority stake in Mavin Global, a record label founded by Don Jazzy.
Mr Lucian Grainge, Chief Executive Officer, UMG, made the announcement about the deal in a statement released by the group.
The statement, however, did not state the value of the acquisition, noting that the deal was awaiting regulatory approval.
“Our criteria for identifying partners is straightforward: great artistes, great entrepreneurs, great people.
“With Don Jazzy, Tega, the Mavin Global team and their artiste roster, we have found ideal partners with whom to grow together
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“Marvin’s brilliant artistes have been catalysts in the transformation of Afrobeats into a global phenomenon and we are thrilled to welcome them into the Universal Music Group family.”Grainge said in the statement.
The statement revealed that Mavin would retain independence in shaping its strategies and nurturing future talents without external interference.
It added that TPG Records had fully exited the business while Kupanda Capital would remain minority investor and strategic adviser.
Mr Michael Ajereh, popularly known as Don Jazzy and Founder of Mavin Records, noted that the partnership with UMG would ensure that the label keeps on achieving its goals
“I’m proud of the artistes, careers and brands we have 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.
Reacting to the development, Mr Michael Ebele, a music producer, noted that the acquisition of the record label by an international brand showed the impact of the country’s entertainment industry.
According to him, afrobeats has made entertainment industry visible to the global audience.
“First of all, I want to say a big congratulations to Don Jazzy because this is a remarkable achievement and he would be able to achieve so many things with this partnership.
“This also goes to show that our entertainment industry has achieved so many things over the years and it has made the global audience to take note of what we are doing.
“The last couple of years has seen many of our artistes featured on international artistes and we have seen several cases where the latter infuses afrobeat into their music.
“We would keep on getting better and I hope that other sectors in the country can learn from the entertainment industry,” he said.
The News Agency of Nigeria (NAN) reports that Billboard had in October 2023, reported that Mavin Records was in the process of receiving external investment either acquiring a part of the label or an outright sale.
The investment and outright sale are valued at 125 million dollars and could rise to 150 million dollars or 200 million dollars.
The record label is home to Rema, Ayra Star, Crayon, Boy Spyce and Ladipoe, among others. (NAN)
By Oladele Eniola
