Universal Music Group (UMG), the world’s leading music company, announced today that it has acquired a majority stake in Mavin Global, the dynamic and influential Nigerian record label founded by music icon Don Jazzy.
The deal, subject to regulatory approval, is expected to close by the end of the third quarter of 2024. Mavin’s founder and CEO, Don Jazzy, and COO, Tega Oghenejobo, will continue to lead the company, ensuring continuity and maintaining the label’s unique identity.
This strategic partnership signifies UMG’s commitment to expanding its footprint in Africa, a market brimming with musical talent and potential. Mavin, home to Afrobeats superstars like Rema, Ayra Starr, and Johnny Drille, embodies the energy and innovation defining the African music landscape.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” said UMG CEO Sir Lucian Grainge. “With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.“
This news comes after months of speculation surrounding Mavin’s future, with reports of interest from major international players. Don Jazzy himself confirmed the label’s discussions with foreign investors in a January 2024 podcast interview.
The acquisition promises exciting opportunities for both parties. Mavin artists gain access to UMG’s global network, distribution channels, and expertise, enabling them to reach new audiences worldwide. UMG, in turn, strengthens its presence in Africa and adds the creative force of Mavin to its diverse portfolio.