Universal Music Group (UMG) Secures majority stake in Mavin Global: A Game-changing move in the Music industry
Universal Music Group (UMG) has made a noteworthy move in the ever-evolving global music scene by securing a majority stake in Mavin Global, a prominent Nigerian record label.
The announcement, revealed on Monday, is pending regulatory approval and is expected to be finalized by the end of Q3 2024, as outlined in a statement by UMG.
Mavin Global, renowned for discovering and nurturing talents like Ayra Starr and Rema within the vibrant Afrobeats genre, has played a transformative role in the music industry.
DonJazzy, the label’s owner (Michael Collins Ajereh), expressed pride in the artists and brand they’ve cultivated.
The partnership with UMG signifies their commitment to expanding their influence in Africa and globally.
The agreement stipulates that Mavin’s comprehensive services in Nigeria will benefit from UMG’s extensive global network of labels and businesses, while still retaining independent control over strategic decisions and talent development.
Don Jazzy and COO Tega Oghenejobo will continue to lead the company, providing UMG with the opportunity to collaborate with seasoned local executives and A&R professionals.
While the financial details of the acquisition were not disclosed, the statement confirmed that TPG Records has fully exited the business, with Kupanda Capital remaining a minority investor and strategic adviser.
The move solidifies UMG’s position as a major player in shaping the future of the music industry on a global scale.
