The largest music corporation in the world has officially purchased a controlling stake in Mavin Music, following rumors that the record label might be sold.
Universal Music Group stated on February 26, 2024, that it would be purchasing the majority of Mavin; the transaction is reportedly pending regulatory approval.
“Today, Universal Music Group (UMG), the global leader in music-based entertainment, announced that it has acquired a controlling stake in Mavin Global (Mavin), one of the most exciting and vibrant independent record labels in the world. The news announcement stated that the purchase is anticipated to close by the end of Q3 2024, subject to regulatory approval.
As readers will remember, Pulse Nigeria revealed that Billboard had an article on foreign record labels and investment firms like UMG and HYBE possibly purchasing Mavin Records.
According to the Billboard article, Mavin Records was reportedly in talks with a possible buyer, with the sale estimated to be worth more than $100 million.
In an interview with the Zero Conditions Podcast, Don Jazzy, the founder and chairman of Mavin Records, said he was amenable to his firm being acquired, but he asked that any such agreement include a provision allowing him to continue leading operations.
Speaking on the purchase Don Jazzy stated:
I’m proud of the musicians, endeavors, and brands we’ve developed to make Mavin the powerhouse it is today. Through this historic collaboration with UMG, we will carry out that objective both globally and in Africa.
Great artists, great businesses, and wonderful people make up our simple criterion for choosing partners, according to Sir Lucian Grainge, Chairman and CEO of Universal Music Group. We’ve found the perfect partners to develop within Don Jazzy, Tega, the Mavin Global crew, and their artist list. We’re excited to have Mavin’s talented musicians join the Universal Music Group family as they have helped to make Afrobeats a worldwide sensation.
The acquisition’s value was not disclosed in the press announcement. It did, however, reveal that Kupanda Capital will continue to serve as a strategic advisor and minority investor, with TPG having completely left the company.
Following the news of a partnership with UMG, Mavin Records is now a division of the largest record label in the world, which also owns labels including Virgin Music, Defjam, Motown, Interscope, Polydor, and Republic Records.
