Dutch–American multinational music corporation, Universal Music Group (UMG) has announced a majority investment in Don Jazzy’s owned Nigerian music company Mavin Records.
According to UMG, the deal remains subject to regulatory approval and is expected to close by the end of the third quarter of 2024.
This new deal will see Mavin still maintain autonomy over its strategy and future talent development while its full-service offering in Nigeria will be amplified through UMG’s global network of labels and businesses by the investment.
The founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company in their respective positions if the deal is sealed.
The partnership will offer UMG the opportunity to partner with proven local executives and experienced professionals.
According to UMG, this mission is anchored on two initiatives – Mavin’s Artist Academy, which trains new talent in music and performance skills and builds connections within the roster and their executive leadership program which seeks to develop the next generation of music industry talent in Africa.
The investment provides UMG an opportunity to increase its presence in Afrobeats and greater exposure to the fast-growing African market.
Commenting on the deal, Don Jazzy said “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.”
Chairman & CEO of Universal Music Group, Sir Lucian Grainge emphasised the importance of the partnsership and why they decided on UMG.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
Last year, reports were rife that Mavin Records was looking forward to investment from some biggest music corporations with South Korea’s Hybe and UMG leading the frontline to sign Mavin Records.