According to reports, Universal Music Group, arguably the greatest music franchise, is now the majority shareholder in Don Jazzy’s Mavin Records.
Universal Music Group (UMG) has secured an agreement to acquire a controlling stake in Nigerian record company Mavin Global, according to Music Business Worldwide on Monday, February 26, 2024. This is UMG’s first foray into the African music industry.
Mavin Global, formed in 2012 by renowned Nigerian producer and musician Don Jazzy, is home to a number of popular Nigerian musicians, including Rema, Ayra Starr, Korede Bello, and Di’ja. TPG Growth, a worldwide investment firm that invested in Mavin worldwide in 2019, has now totally exited the company, with Kupanda Capital remaining a minority investor and strategic consultant.
Recall that in 2023, sources indicated that Mavin Records was expecting investments from some of the greatest music organizations, with South Korean powerhouse Hybe and UMG heading the charge to sign one of Africa’s major music powerhouses.
According to the sources, Mavin Global’s founder and CEO, Don Jazzy, and COO Tega Oghenejobo, will continue to head the company, which will “maintain autonomy” over its strategy and future talent development, UMG. The transaction, which is subject to regulatory approval and is expected to close by the end of Q3 2024, will allow UMG to capitalize on Mavin Global’s existing roster and strategic advancement to broaden its presence in Africa and generate more opportunities to break more talent globally. UMG believes the investment will help Mavin Global expand its activities in Nigeria through its global network of labels and businesses.
