Mavin Records sell majority stake to Universal Music Group
Universal Music Group (UMG) has finalized the acquisition of a majority stake in the Nigerian record label, Mavin. The deal is expected to conclude by the end of the third quarter of 2024, pending regulatory approval.
After the transaction’s closure, investment firm Kupanda Capital will retain its role as a minority investor and strategic advisor, while TPG will completely divest its stake.
Under the agreement’s terms, Mavin founder and CEO, Don Jazzy, along with COO Tega Oghenejobo, will continue to lead and manage the company’s operations. ”
Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” stated UMG boss 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.
“In October 2023, Billboard reported Mavin Records ‘is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE, and strong interest from music asset investors in the financial sector, according to sources,'”
He said. “In a podcast interview in January 2024, Mavin CEO, Don Jazzy confirmed that the label was being courted by foreign investors.”
- swizzysand humorously remarked, “Don Jazzy no go sell people children ooo 😂 Na record label them dey o No be cult 🤣🤣.”
- kalebooffical expressed concern, stating, “Neo colonialism continues 😢.”
- mrcbanj speculated, “Watch Don Jazzy Own another Record label 🔥🔥🔥. Smart moves all day Don Baba J.”
- soleglosamo cautioned, “We always sell ourselves short they will control what comes out and who is pushed. Haven’t y’all learned from what these ppl did to hip hop?”
- keen_kul warned, “I dey pity them ahead! UMG, SONY and WARNER them ehn! Those people ain’t joking with business o😮 go ask MJ for him burial 🪦 ground how far😂.”
- __liamethan urged understanding of UMG’s operations, stating, “Only if you guys understand how this UMG operates you won’t be saying congratulations, donjazzy is smart enough to turn down the deal. Listen to Kanye west, and understand what is coming.”
- judithoflagos skeptically remarked, “Lol, una go suffer eh 😂 sebi una go break free im Nigeria label and go open label, don’t try it with umg, u will enter court and dem go sue u.”
DO YOU KNOW? YOU CAN GET JUICY NEWS STRAIGHT ON YOUR
PHONE VIA WHEN YOU JOIN OUR WHATASAPP CHANNEL. CLICK HERE
