The Universal Music Group (UMG), one of the world’s largest music companies on Monday has announced its acquisition of the majority stake in Mavin Records.
DAILY GIST reports that the record label was founded by renowned music producer Michael Ajereh, popularly known as Don Jazzy.
UMG disclosed this in a statement issued on Monday, a copy of which was obtained by DAILY GIST.
It stated the agreement was still awaiting approval from regulatory authorities, and it is anticipated to be finalised by the third quarter of 2024.
However, the company did not disclose the value of the acquisition.
It said: “Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin). The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.”
Billboard reported last year that Don Jazzy sought to explore options for a sale or potential investment in the record label founded in 2012.
According to UMG’s statement, Mavin will retain independence in shaping its strategies and nurturing future talents without external interference.
It added, “As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company.”
Mavin Records is a talent hub with stars like Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy.
In an interview, Don Jazzy said he was “proud of the artistes, careers and the brand they 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,” he added.
