Universal Music Group Becomes' Majority Shareholder Of Mavin Records

Renowned Nigerian music producer Michael Ajereh, famously known as Don Jazzy, is poised to finalize a monumental deal with the Dutch-American multinational music powerhouse, Universal Music Group (UMG).

The latest scoop from Musicweek unveils that Universal Music Group, a formidable entity ranked among the top three music corporations globally alongside Sony Music and Warner Music Group, is primed to secure a majority investment in Don Jazzy’s Mavin Global.

According to the reports, the deal is subjected to regulatory approval. An agreement is expected to be reached by the end of Q3 2024.
Investment firm Kupanda Capital will remain a minority investor and strategic advisor in the business once the transaction closes, although another investor, TPG, will fully exit as part of the deal.
Also, Don Jazzy and Tega Oghenejobo will maintain their status as CEO and COO, respectively.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
Since its inception in 2012, Mavin Label has served as the nurturing ground for a plethora of musical prodigies, boasting a roster that includes the likes of Rema, Ayra Starr, and Johnny Drille, among others.

In October 2023, Billboard reported that 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.”

In a podcast interview in January 2024, Mavin CEO, Don Jazzy confirmed that the label was being courted by foreign investors.

As Don Jazzy prepares to embark on this new chapter in his illustrious career, his vision for the future remains steadfast. In a statement regarding the acquisition, he expressed his excitement about the opportunity to leverage UMG’s expertise and resources to further propel Mavin Music Label and its artists to greater success. His unwavering commitment to nurturing talent and pushing the boundaries of creativity ensures that Mavin will continue to be at the forefront of Africa’s music industry.

The impending sale of a majority stake in Mavin Music Label to Universal Music Group marks a historic moment in the African music industry. It represents a convergence of talent, vision, and strategic foresight, with the potential to reshape the global music landscape. As Don Jazzy and his team prepare to embark on this new chapter, one thing is certain – the future of African music has never looked brighter.