Universal Music Group (UMG), one of the world's biggest music corporations, has announced its acquisition of the majority stake in a leading Nigerian record label, Mavin Global (Mavin), an independent record label based in Lagos, Nigeria.
The company in a statement on Monday noted that the deal is however awaiting regulatory approval.
"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,” The statement read in part.
Mavin founded by renowned artist and entrepreneur Michael Collins Ajereh, also known as Don Jazzy, has been a driving force behind the success of Afrobeat's artists across Africa and beyond.
Mavin, established in 2012, has rapidly grown into a multi-award-winning label, contributing to the global rise of Afrobeats music.
Mavin is credited with unearthing talents like popular Afrobeats stars: Ayra Starr and Rema, to global success.
“I’m proud of the artists, careers, and brand we’ve 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.” Label owner DonJazzy, was quoted in a UMG statement saying.
The partnership with UMG will amplify Mavin’s global presence, leveraging UMG’s extensive network of labels and businesses.
Under the agreement, Don Jazzy and COO Tega Oghenejobo will continue to lead Mavin, ensuring the label maintains its autonomy and strategic direction.
The collaboration aims to foster talent development, expand Mavin’s roster, and advance its mission to become a pan-African entertainment powerhouse.
UMG Chairman & CEO Sir Lucian Grainge expressed enthusiasm for the partnership, citing Mavin’s track record of success and innovation.
The investment reflects UMG’s commitment to supporting diverse music entrepreneurs and artists worldwide.
The collaboration between UMG and Mavin signals a new chapter in the evolution of Afrobeats music, promising to elevate African talent on the global stage and drive continued growth in the music industry.
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